RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix Equation (76)

0 = Π N , t Π N ( Π N , t Π N − 1 ) + θ N − 1 ψ − θ N ψ M C N , t − E t { β Λ t + 1 Λ t T N , t + 1 T N , t Y N , t + 1 Y N , t ( Π N , t + 1 Π N − 1 ) Π N , t + 1 Π N } MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaaGimaiabg2 da9maalaaabaGaeuiOda1aaSbaaSqaaiaad6eacaGGSaGaaiiDaaqa baaakeaacqqHGoaudaahaaWcbeqaaiaad6eaaaaaaOWaaeWaaeaada Wcaaqaaiabfc6aqnaaBaaaleaacaWGobGaaiilaiaadshaaeqaaaGc baGaeuiOda1aaWbaaSqabeaacaWGobaaaaaakiabgkHiTiaaigdaai aawIcacaGLPaaacqGHRaWkdaWcaaqaaiabeI7aXnaaBaaaleaacaWG obaabeaakiabgkHiTiaaigdaaeaacqaHipqEaaGaeyOeI0YaaSaaae aacqaH4oqCdaWgaaWcbaGaamOtaaqabaaakeaacqaHipqEaaGaamyt aiaadoeadaWgaaWcbaGaamOtaiaacYcacaWG0baabeaakiabgkHiTi aadweadaWgaaWcbaGaamiDaaqabaGcdaGadaqaaiabek7aInaalaaa baGaeu4MdW0aaSbaaSqaaiaadshacqGHRaWkcaaIXaaabeaaaOqaai abfU5amnaaBaaaleaacaWG0baabeaaaaGcdaWcaaqaaiaadsfadaWg aaWcbaGaamOtaiaacYcacaWG0bGaey4kaSIaaGymaaqabaaakeaaca WGubWaaSbaaSqaaiaad6eacaGGSaGaamiDaaqabaaaaOWaaSaaaeaa caWGzbWaaSbaaSqaaiaad6eacaGGSaGaamiDaiabgUcaRiaaigdaae qaaaGcbaGaamywamaaBaaaleaacaWGobGaaiilaiaadshaaeqaaaaa kmaabmaabaWaaSaaaeaacqqHGoaudaWgaaWcbaGaamOtaiaacYcaca WG0bGaey4kaSIaaGymaaqabaaakeaacqqHGoaudaahaaWcbeqaaiaa d6eaaaaaaOGaeyOeI0IaaGymaaGaayjkaiaawMcaamaalaaabaGaeu iOda1aaSbaaSqaaiaad6eacaGGSaGaamiDaiabgUcaRiaaigdaaeqa aaGcbaGaeuiOda1aaWbaaSqabeaacaWGobaaaaaaaOGaay5Eaiaaw2 haaaaa@8CAB@