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RDP 2013-08: International Business Cycles with Complete Markets
Equation
Λ
(
s
t
)
=
(
c
(
s
t
)
-
b
c
(
s
t
−
1
)
−
χ
n
(
s
t
)
1
+
η
1
+
η
)
−
σ
−
b
β
∑
s
t
+
1
∈
s
π
(
s
t
+
1
|
s
t
)
(
c
(
s
t
,
s
t
+
1
)
-
b
c
(
s
t
)
−
χ
n
(
s
t
s
t
+
1
)
1
+
η
1
+
η
)
−
σ
.
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