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RDP 2013-08: International Business Cycles with Complete Markets
Equation
Λ
j
(
s
t
)
=
u
1
(
c
j
(
s
t
)
,
h
j
(
s
t
−
1
)
,
n
j
(
s
t
)
)
+
β
∑
s
t
+
1
∈
S
π
(
s
t
+
1
|
s
t
)
u
2
(
c
j
(
s
t
,
s
t
+
1
)
,
h
j
(
s
t
)
,
n
j
(
s
t
,
s
t
+
1
)
)
,
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