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RDP 2013-08: International Business Cycles with Complete Markets
Equation
R
j
(
s
t
,
s
t
+
1
)
=
ϕ
′
(
i
j
(
s
t
)
k
j
(
s
t
−
1
)
)
z
j
(
s
t
,
s
t
+
1
)
f
2
(
k
2
(
s
t
)
,
n
j
(
s
t
,
s
t
+
1
)
)
+
(
1
−
δ
+
ϕ
(
i
j
(
s
t
,
s
t
+
1
)
k
j
(
s
t
)
)
−
ϕ
′
(
i
j
(
s
t
,
s
t
+
1
)
k
j
(
s
t
)
)
i
j
(
s
t
,
s
t
+
1
)
k
j
(
s
t
)
)
×
ϕ
′
(
i
j
(
s
t
)
k
j
(
s
t
−
1
)
)
/
ϕ
′
(
i
j
(
s
t
,
s
t
+
1
)
k
j
(
s
t
)
)
,
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