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RDP 2013-08: International Business Cycles with Complete Markets
Equation (9)
Λ
j
(
s
t
)
=
β
∑
s
t
+
1
∈
S
π
(
s
t
+
1
|
s
t
)
Λ
j
(
s
t
,
s
t
+
1
)
R
j
(
s
t
,
s
t
+
1
)
,
for
j
∈
J
,
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