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RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix
Equation
P
t
C
t
+
P
I
,
t
I
t
+
B
t
+
1
+
S
t
B
t
+
1
*
≤
(
1
+
R
t
−
1
)
B
t
+
(
1
+
R
t
−
1
F
)
S
t
B
t
*
+
W
H
,
t
L
H
,
t
+
W
N
,
t
L
N
,
t
+
W
X
,
t
L
X
,
t
+
R
N
,
t
K
K
N
,
t
+
R
H
,
t
K
K
H
,
t
+
R
X
,
t
K
K
X
,
t
+
Γ
N
,
t
+
Γ
H
,
t
+
Γ
X
,
t
−
T
t
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