RDP 2005-09: The US Current Account Deficit: A Re-Examination of the Role of Private Saving
Equation (14)
z
t
γ
t
=
β
γ
t
−
(
1
−
β
)
E
t
[
β
γ
t
+
1
+
β
2
γ
t
+
2
+
…
]
.
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