RDP 2005-09: The US Current Account Deficit: A Re-Examination of the Role of Private Saving
Equation (11)
Y
t
V
−
N
X
t
=
(
1
−
β
)
R
t
B
t
+
(
1
−
β
)
Y
t
V
γ
t
[
γ
t
+
β
γ
t
+
1
+
β
2
γ
t
+
2
+
…
]
.
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