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RDP 2009-08: Leverage Constraints and the International Transmission of Shocks
Equation 8′
E
t
U
′
(
C
t
+
1
I
)
(
(
q
1
t
+
1
+
R
1
K
t
+
1
)
q
1
t
−
(
q
2
t
+
1
+
R
2
K
t
+
1
)
q
2
t
exp
(
−
τ
)
)
=
0.
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