Skip to content
RDP 2013-08: International Business Cycles with Complete Markets
Equation (B8)
m
j
(
s
t
)
=
∑
s
t
+
1
∈
S
m
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
)
)
+
∑
s
t
+
1
∈
S
γ
(
s
t
,
s
t
+
1
)
z
j
(
s
t
,
s
t
+
1
)
f
1
(
k
j
(
s
t
)
,
n
j
(
s
t
,
s
t
+
1
)
)
,
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceiabbeaamAraai aad2gadaWgaaWcbaGaamOAaaqabaGcdaqadaqaaiaadohadaahaaWc beqaaiaadshaaaaakiaawIcacaGLPaaacqGH9aqpdaaeqbqaaiaad2 gadaWgaaWcbaGaamOAaaqabaaabaGaam4CamaaBaaameaacaWG0bGa ey4kaSIaaGymaaqabaWccqGHiiIZcaWGtbaabeqdcqGHris5aOWaae WaaeaacaWGZbWaaWbaaSqabeaacaWG0baaaOGaaiilaiaadohadaWg aaWcbaGaamiDaiabgUcaRiaaigdaaeqaaaGccaGLOaGaayzkaaaaba Gaey41aq7aaeWaaeaacaaIXaGaeyOeI0IaeqiTdqMaey4kaSIaeqy1 dy2aaeWaaeaadaWcaaqaaiaadMgadaWgaaWcbaGaamOAaaqabaGcda qadaqaaiaadohadaahaaWcbeqaaiaadshaaaGccaGGSaGaam4Camaa BaaaleaacaWG0bGaey4kaSIaaGymaaqabaaakiaawIcacaGLPaaaae aacaWGRbWaaSbaaSqaaiaadQgaaeqaaOWaaeWaaeaacaWGZbWaaWba aSqabeaacaWG0baaaaGccaGLOaGaayzkaaaaaaGaayjkaiaawMcaai abgkHiTiqbew9aMzaafaWaaeWaaeaadaWcaaqaaiaadMgadaWgaaWc baGaamOAaaqabaGcdaqadaqaaiaadohadaahaaWcbeqaaiaadshaaa GccaGGSaGaam4CamaaBaaaleaacaWG0bGaey4kaSIaaGymaaqabaaa kiaawIcacaGLPaaaaeaacaWGRbWaaSbaaSqaaiaadQgaaeqaaOWaae WaaeaacaWGZbWaaWbaaSqabeaacaWG0baaaaGccaGLOaGaayzkaaaa aaGaayjkaiaawMcaamaalaaabaGaamyAamaaBaaaleaacaWGQbaabe aakmaabmaabaGaam4CamaaCaaaleqabaGaamiDaaaakiaacYcacaWG ZbWaaSbaaSqaaiaadshacqGHRaWkcaaIXaaabeaaaOGaayjkaiaawM caaaqaaiaadUgadaWgaaWcbaGaamOAaaqabaGcdaqadaqaaiaadoha daahaaWcbeqaaiaadshaaaaakiaawIcacaGLPaaaaaaacaGLOaGaay zkaaaabaGaey4kaSYaaabuaeaacqaHZoWzdaqadaqaaiaadohadaah aaWcbeqaaiaadshaaaGccaGGSaGaam4CamaaBaaaleaacaWG0bGaey 4kaSIaaGymaaqabaaakiaawIcacaGLPaaaaSqaaiaadohadaWgaaad baGaamiDaiabgUcaRiaaigdaaeqaaGGaaSGae8hcI4Saam4uaaqab0 GaeyyeIuoakiaadQhadaWgaaWcbaGaamOAaaqabaGcdaqadaqaaiaa dohadaahaaWcbeqaaiaadshaaaGccaGGSaGaam4CamaaBaaaleaaca WG0bGaey4kaSIaaGymaaqabaaakiaawIcacaGLPaaacaWGMbWaaSba aSqaaiaaigdaaeqaaOWaaeWaaeaacaWGRbWaaSbaaSqaaiaadQgaae qaaOWaaeWaaeaacaWGZbWaaWbaaSqabeaacaWG0baaaaGccaGLOaGa ayzkaaGaaiilaiaad6gadaWgaaWcbaGaamOAaaqabaGcdaqadaqaai aadohadaahaaWcbeqaaiaadshaaaGccaGGSaGaam4CamaaBaaaleaa caWG0bGaey4kaSIaaGymaaqabaaakiaawIcacaGLPaaaaiaawIcaca GLPaaacaGGSaaaaaa@C18F@