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RDP 8906: A Random Walk Around the $A: Expectations, Risk, Interest Rates and Consequences for External Imbalance
Equation
z
j
≡
ρ
j
−
ρ
us
≡
P
t
us
P
t+4
us
[
(
1
+
i
j
)
(
1
+
Δ
S
t
j
S
t
j
)
−
(
1
+
i
us
)
]
=
P
t
us
P
t+4
us
.
Δ
S
t
j
S
t
j
,
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