RDP 2009-08: Leverage Constraints and the International Transmission of Shocks
Equation (23)
C
t
I
+
N
F
A
t
=
W
t
I
+
R
1
K
t
k
^
1
t
−
1
I
−
q
1
t
(
k
^
1
t
I
−
k
^
1
t
−
1
I
)
+
r
2
t
N
F
A
t
−
1
+
r
x
t
[
q
1
t
−
1
(
k
1
t
−
1
I
−
k
^
1
t
−
1
I
)
]
+
B
t
I
−
R
t
−
1
B
t
−
1
I
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