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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@