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RDP 9311: Agency Costs, Balance Sheets and the Business Cycle
Equation (9)
e
∗
=
(
z
¯
−
z
_
)
[
w
¯
w
s
]
1
−
γ
−
z
¯
+
r
l
r
l
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamyzamaaCaaaleqabaGaey4fIOcaaOGaeyypa0ZaaSaaaeaadaqadaqaaiqadQhagaqeaiabgkHiTiqadQhagaqhaaGaayjkaiaawMcaamaadmaabaWaaSaaaeaaceWG3bGbaebaaeaacaWG3bWaaSbaaSqaaiaadohaaeqaaaaaaOGaay5waiaaw2faamaaCaaaleqabaGaaGymaiabgkHiTiabeo7aNbaakiaaykW7cqGHsislceWG6bGbaebacqGHRaWkcaWGYbWaaSbaaSqaaiaadYgaaeqaaaGcbaGaamOCamaaBaaaleaacaWGSbaabeaaaaaaaa@4F33@