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RDP 2009-08: Leverage Constraints and the International Transmission of Shocks
Equation (20)
n
(
C
t
I
+
C
t
*
I
)
+
(
1
−
n
)
(
C
t
S
+
C
t
*
S
)
=
A
t
F
(
η
I
n
+
η
S
(
1
−
n
)
,
n
(
k
1
,
t
I
+
k
1
,
t
*
I
)
)
+
A
t
*
F
(
η
*
I
n
+
η
*
S
(
1
−
n
)
,
n
(
k
2
,
t
I
+
k
2
,
t
*
I
)
)
+
(
1
−
n
)
(
G
(
k
1
,
t
S
)
+
G
(
k
2
,
t
*
s
)
)
.
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