RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix Equation (55)

0 = − T t I + Q H , t V t [ 1 − ϒ ( J H , t J H , t − 1 ) − ϒ ′ ( J H , t J H , t − 1 ) J H , t J H , t − 1 ] + E T { β Λ t + 1 Q H , t + 1 V t + 1 Λ t ϒ ′ ( J H , t + 1 J H , t ) J H , t + 1 2 J H , t 2 } MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaaGimaiabg2 da9iabgkHiTiaadsfadaqhaaWcbaGaamiDaaqaaiaadMeaaaGccqGH RaWkcaWGrbWaaSbaaSqaaiaadIeacaGGSaGaamiDaaqabaGccaWGwb WaaSbaaSqaaiaadshaaeqaaOWaamWaaeaacaaIXaGaeyOeI0IaeuO0 de6aaeWaaeaadaWcaaqaaiaadQeadaWgaaWcbaGaamisaiaacYcaca WG0baabeaaaOqaaiaadQeadaWgaaWcbaGaamisaiaacYcacaWG0bGa eyOeI0IaaGymaaqabaaaaaGccaGLOaGaayzkaaGaeyOeI0IafuO0de QbauaadaqadaqaamaalaaabaGaamOsamaaBaaaleaacaWGibGaaiil aiaadshaaeqaaaGcbaGaamOsamaaBaaaleaacaWGibGaaiilaiaads hacqGHsislcaaIXaaabeaaaaaakiaawIcacaGLPaaadaWcaaqaaiaa dQeadaWgaaWcbaGaamisaiaacYcacaWG0baabeaaaOqaaiaadQeada WgaaWcbaGaamisaiaacYcacaWG0bGaeyOeI0IaaGymaaqabaaaaaGc caGLBbGaayzxaaGaey4kaSIaamyramaaBaaaleaacaWGubaabeaakm aacmaabaGaeqOSdi2aaSaaaeaacqqHBoatdaWgaaWcbaGaamiDaiab gUcaRiaaigdaaeqaaOGaamyuamaaBaaaleaacaWGibGaaiilaiaads hacqGHRaWkcaaIXaaabeaakiaadAfadaWgaaWcbaGaamiDaiabgUca RiaaigdaaeqaaaGcbaGaeu4MdW0aaSbaaSqaaiaadshaaeqaaaaaki qbfk9aHAaafaWaaeWaaeaadaWcaaqaaiaadQeadaWgaaWcbaGaamis aiaacYcacaWG0bGaey4kaSIaaGymaaqabaaakeaacaWGkbWaaSbaaS qaaiaadIeacaGGSaGaamiDaaqabaaaaaGccaGLOaGaayzkaaWaaSaa aeaacaWGkbWaa0baaSqaaiaadIeacaGGSaGaamiDaiabgUcaRiaaig daaeaacaaIYaaaaaGcbaGaamOsamaaDaaaleaacaWGibGaaiilaiaa dshaaeaacaaIYaaaaaaaaOGaay5Eaiaaw2haaaaa@9437@