RDP 2009-08: Leverage Constraints and the International Transmission of Shocks
Equation (7)
μ
t
=
E
t
β
I
(
C
t
I
)
U
′
(
C
t
+
1
I
)
[
ω
t
r
1
,
t
+
1
+
(
1
−
ω
t
)
r
2
,
t
+
1
−
R
t
1
−
κ
]
,
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