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RDP 2005-09: The US Current Account Deficit: A Re-Examination of the Role of Private Saving
Equation (38)
P
T
t
∗
=
[
(
1
−
θ
)
P
H
t
1
−
ε
+
θ
P
F
t
1
−
ε
]
1
1
−
ε
.
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