RDP 2013-08: International Business Cycles with Complete Markets Equation

L = ∑ t = 0 ∞ ∑ s t ∈ S t   [ β t π ( s t ) ∑ j = j ω j u ( c j ( s t ) , h j ( s t − 1 ) , n j ( s t ) ) − ∑ j ∈ J m j ( s t ) ( k ( s t ) − ( 1 − δ ) k ( s t − 1 ) − ϕ ( i ( s t ) k ( s t − 1 ) ) k ( s t − 1 ) ) − ∑ j ∈ J n j ( s t ) ( h j ( s t ) − c j ( s t ) ) − γ ( s t ) ( ∑ j ∈ J c j ( s t ) + ∑ j ∈ J i j ( s t ) − ∑ j ∈ J z j ( s t ) f ( k j ( s t − 1 ) , n j ( s t ) ) ) ] , MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceiqabeaamAraaiaadYeacqGH9aqpdaaeWbqaamaaqafabaGaaGPaVdWcbaGaam4CamaaCaaameqabaGaamiDaaaaiiaaliab=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HGiolaadQeaaeqaniabggHiLdaaleaacaWGQbGae8hcI4SaamOsaaqab0GaeyyeIuoaaOGaayjkaiaawMcaaaGaayzxaaGaaiilaaaaaa@FB7C@