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
˜
)
R
t
B
t
Y
t
W
+
(
1
−
β
)
γ
1
−
β
W
,
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