RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix Equation (56)

0 = − T t I + Q N , t V t [ 1 − ϒ ( J N , t J N , t − 1 ) − ϒ ′ ( J N , t J N , t − 1 ) J N , t J N , t − 1 ] + E T { β Λ t + 1 Q N , t + 1 V t + 1 Λ t ϒ ′ ( J N , t + 1 J N , t ) J N , t + 1 2 J N , t 2 } MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaaGimaiabg2 da9iabgkHiTiaadsfadaqhaaWcbaGaamiDaaqaaiaadMeaaaGccqGH RaWkcaWGrbWaaSbaaSqaaiaad6eacaGGSaGaamiDaaqabaGccaWGwb WaaSbaaSqaaiaadshaaeqaaOWaamWaaeaacaaIXaGaeyOeI0IaeuO0 de6aaeWaaeaadaWcaaqaaiaadQeadaWgaaWcbaGaamOtaiaacYcaca WG0baabeaaaOqaaiaadQeadaWgaaWcbaGaamOtaiaacYcacaWG0bGa eyOeI0IaaGymaaqabaaaaaGccaGLOaGaayzkaaGaeyOeI0IafuO0de QbauaadaqadaqaamaalaaabaGaamOsamaaBaaaleaacaWGobGaaiil aiaadshaaeqaaaGcbaGaamOsamaaBaaaleaacaWGobGaaiilaiaads hacqGHsislcaaIXaaabeaaaaaakiaawIcacaGLPaaadaWcaaqaaiaa dQeadaWgaaWcbaGaamOtaiaacYcacaWG0baabeaaaOqaaiaadQeada WgaaWcbaGaamOtaiaacYcacaWG0bGaeyOeI0IaaGymaaqabaaaaaGc caGLBbGaayzxaaGaey4kaSIaamyramaaBaaaleaacaWGubaabeaakm aacmaabaGaeqOSdi2aaSaaaeaacqqHBoatdaWgaaWcbaGaamiDaiab gUcaRiaaigdaaeqaaOGaamyuamaaBaaaleaacaWGobGaaiilaiaads hacqGHRaWkcaaIXaaabeaakiaadAfadaWgaaWcbaGaamiDaiabgUca RiaaigdaaeqaaaGcbaGaeu4MdW0aaSbaaSqaaiaadshaaeqaaaaaki qbfk9aHAaafaWaaeWaaeaadaWcaaqaaiaadQeadaWgaaWcbaGaamOt aiaacYcacaWG0bGaey4kaSIaaGymaaqabaaakeaacaWGkbWaaSbaaS qaaiaad6eacaGGSaGaamiDaaqabaaaaaGccaGLOaGaayzkaaWaaSaa aeaacaWGkbWaa0baaSqaaiaad6eacaGGSaGaamiDaiabgUcaRiaaig daaeaacaaIYaaaaaGcbaGaamOsamaaDaaaleaacaWGobGaaiilaiaa dshaaeaacaaIYaaaaaaaaOGaay5Eaiaaw2haaaaa@947F@