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RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix
Equation
𝓛
=
E
0
∑
t
=
0
∞
χ
t
−
1
{
ζ
t
ln
(
C
t
−
h
C
t
−
1
)
−
ξ
∈
t
L
1
+
ν
[
L
H
,
t
1
+
ω
+
L
N
,
t
1
+
ω
+
L
X
,
t
1
+
ω
]
1
+
ν
1
+
ω
+
Λ
˜
t
[
(
1
+
R
t
−
1
)
B
t
+
(
1
+
R
t
−
1
*
)
S
t
B
t
*
+
W
H
,
t
L
H
,
t
+
W
N
,
t
L
N
,
t
+
W
X
,
t
L
X
,
t
+
R
H
,
t
K
K
H
,
t
+
R
N
,
t
K
K
N
,
t
+
R
X
,
t
K
K
X
,
t
+
Γ
N
,
t
+
Γ
H
,
t
+
Γ
X
,
t
−
P
t
C
t
−
P
I
,
t
I
t
−
B
t
+
1
−
S
t
B
t
+
1
*
]
+
Φ
H
,
t
[
(
1
−
δ
)
K
H
,
t
+
V
t
[
1
−
ϒ
(
J
H
,
t
J
H
,
t
−
1
)
]
J
H
,
t
−
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H
,
t
+
1
]
+
Φ
N
,
t
[
(
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−
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,
t
+
V
t
[
1
−
ϒ
(
J
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,
t
J
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,
t
−
1
)
]
J
N
,
t
−
K
N
,
t
+
1
]
+
Φ
X
,
t
[
(
1
−
δ
)
K
X
,
t
+
V
t
[
1
−
ϒ
(
J
X
,
t
J
X
,
t
−
1
)
]
J
X
,
t
−
K
X
,
t
+
1
]
}
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