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RDP 2009-08: Leverage Constraints and the International Transmission of Shocks
Equation (12)
U
′
(
C
t
S
)
=
E
t
β
S
(
C
t
S
)
U
′
(
C
t
+
1
S
)
(
q
1
t
+
1
+
G
′
(
k
1
,
t
+
1
S
)
)
q
1
t
,
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamyvaGGaai ab=jdiIoaabmaabaGaam4qamaaDaaaleaacaWG0baabaGaam4uaaaa aOGaayjkaiaawMcaaiabg2da9iaadweadaWgaaWcbaGaamiDaaqaba GccqaHYoGydaahaaWcbeqaaiaadofaaaGcdaqadaqaaiaadoeadaqh aaWcbaGaamiDaaqaaiaadofaaaaakiaawIcacaGLPaaacaWGvbGae8 NmGi6aaeWaaeaacaWGdbWaa0baaSqaaiaadshacqGHRaWkcaaIXaaa baGaam4uaaaaaOGaayjkaiaawMcaamaalaaabaWaaeWaaeaacaWGXb WaaSbaaSqaaiaaigdacaWG0bGaey4kaSIaaGymaaqabaGccqGHRaWk caWGhbGae8NmGi6aaeWaaeaacaWGRbWaa0baaSqaaiaaigdacaGGSa GaamiDaiabgUcaRiaaigdaaeaacaWGtbaaaaGccaGLOaGaayzkaaaa caGLOaGaayzkaaaabaGaamyCamaaBaaaleaacaaIXaGaamiDaaqaba aaaOGaaiilaaaa@6353@