RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix Equation (51)

0 = Λ t + E t { β Λ t + 1 ( 1 + R t * ) P t S t + 1 P t + 1 S t } MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaaGimaiabg2 da9iabgkHiTiabfU5amnaaBaaaleaacaWG0baabeaakiabgUcaRiaa dweadaWgaaWcbaGaamiDaaqabaGcdaGadaqaaiabek7aInaalaaaba Gaeu4MdW0aaSbaaSqaaiaadshacqGHRaWkcaaIXaaabeaakmaabmaa baGaaGymaiabgUcaRiaadkfadaqhaaWcbaGaamiDaaqaaiaacQcaaa aakiaawIcacaGLPaaacaWGqbWaaSbaaSqaaiaadshaaeqaaOGaam4u amaaBaaaleaacaWG0bGaey4kaSIaaGymaaqabaaakeaacaWGqbWaaS baaSqaaiaadshacqGHRaWkcaaIXaaabeaakiaadofadaWgaaWcbaGa amiDaaqabaaaaaGccaGL7bGaayzFaaaaaa@5770@