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RDP 2005-09: The US Current Account Deficit: A Re-Examination of the Role of Private Saving
Equation (18)
η
t
≡
P
t
C
t
Y
t
W
=
β
P
t
−
1
C
t
−
1
R
t
Y
t
W
=
β
η
t
−
1
β
η
t
−
1
+
β
*
(
1
−
η
t
−
1
)
.
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