RDP 2005-09: The US Current Account Deficit: A Re-Examination of the Role of Private Saving
Equation (23)
P
t
C
t
Y
t
W
=
(
1
−
β
˜
t
)
R
t
B
t
Y
t
W
+
(
1
−
β
)
γ
¯
1
−
β
¯
W
+
(
1
−
β
)
(
1
−
β
∗
)
(
1
−
β
¯
W
)
2
[
(
1
−
α
)
(
β
−
β
∗
)
γ
¯
+
(
1
−
α
β
)
(
1
−
β
∗
)
(
1
−
α
β
)
(
1
−
α
β
∗
)
]
(
γ
t
−
γ
¯
)
,
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