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RDP 2005-09: The US Current Account Deficit: A Re-Examination of the Role of Private Saving
Equation (22)
P
t
C
t
Y
t
W
=
(
1
−
β
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R
t
B
t
Y
t
W
+
1
−
β
˜
1
−
β
∗
γ
=
(
1
−
β
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R
t
B
t
Y
t
W
+
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1
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)
γ
1
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β
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,
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