RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix Equation (85)

0 = τ t I + q H , t υ t [ 1 ϒ ( j H , t z t ( 1 + z I ) j H , t 1 ) ϒ ( j H , t z t ( 1 + z I ) j H , t 1 ) j H , t z t ( 1 + z I ) j H , t 1 ] + E t { β λ t + 1 q H , t + 1 υ t + 1 λ t z t + 1 ( 1 + z I ) ϒ ( j H , t + 1 z t + 1 ( 1 + z I ) j H , t ) ( j H , t + 1 z t + 1 ( 1 + z I ) j H , t ) 2 } MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacaaIWa Gaeyypa0JaeyOeI0IaeqiXdq3aa0baaSqaaiaadshaaeaacaWGjbaa aOGaey4kaSIaamyCamaaBaaaleaacaWGibGaaiilaiaadshaaeqaaO GaeqyXdu3aaSbaaSqaaiaadshaaeqaaOWaamWaaeaacaaIXaGaeyOe I0IaeuO0de6aaeWaaeaadaWcaaqaaiaadQgadaWgaaWcbaGaamisai aacYcacaWG0baabeaakiaadQhadaWgaaWcbaGaamiDaaqabaGcdaqa daqaaiaaigdacqGHRaWkcaWG6bWaaSbaaSqaaiaadMeaaeqaaaGcca GLOaGaayzkaaaabaGaamOAamaaBaaaleaacaWGibGaaiilaiaadsha cqGHsislcaaIXaaabeaaaaaakiaawIcacaGLPaaacqGHsislcuqHsp qOgaqbamaabmaabaWaaSaaaeaacaWGQbWaaSbaaSqaaiaadIeacaGG SaGaamiDaaqabaGccaWG6bWaaSbaaSqaaiaadshaaeqaaOWaaeWaae aacaaIXaGaey4kaSIaamOEamaaBaaaleaacaWGjbaabeaaaOGaayjk aiaawMcaaaqaaiaadQgadaWgaaWcbaGaamisaiaacYcacaWG0bGaey OeI0IaaGymaaqabaaaaaGccaGLOaGaayzkaaWaaSaaaeaacaWGQbWa aSbaaSqaaiaadIeacaGGSaGaamiDaaqabaGccaWG6bWaaSbaaSqaai aadshaaeqaaOWaaeWaaeaacaaIXaGaey4kaSIaamOEamaaBaaaleaa caWGjbaabeaaaOGaayjkaiaawMcaaaqaaiaadQgadaWgaaWcbaGaam isaiaacYcacaWG0bGaeyOeI0IaaGymaaqabaaaaaGccaGLBbGaayzx aaaabaGaey4kaSIaamyramaaBaaaleaacaWG0baabeaakmaacmaaba GaeqOSdi2aaSaaaeaacqaH7oaBdaWgaaWcbaGaamiDaiabgUcaRiaa igdaaeqaaOGaamyCamaaBaaaleaacaWGibGaaiilaiaadshacqGHRa WkcaaIXaaabeaakiabew8a1naaBaaaleaacaWG0bGaey4kaSIaaGym aaqabaaakeaacqaH7oaBdaWgaaWcbaGaamiDaaqabaGccaWG6bWaaS baaSqaaiaadshacqGHRaWkcaaIXaaabeaakmaabmaabaGaaGymaiab gUcaRiaadQhadaWgaaWcbaGaamysaaqabaaakiaawIcacaGLPaaaaa GafuO0deQbauaadaqadaqaamaalaaabaGaamOAamaaBaaaleaacaWG ibGaaiilaiaadshacqGHRaWkcaaIXaaabeaakiaadQhadaWgaaWcba GaamiDaiabgUcaRiaaigdaaeqaaOWaaeWaaeaacaaIXaGaey4kaSIa amOEamaaBaaaleaacaWGjbaabeaaaOGaayjkaiaawMcaaaqaaiaadQ gadaWgaaWcbaGaamisaiaacYcacaWG0baabeaaaaaakiaawIcacaGL PaaadaqadaqaamaalaaabaGaamOAamaaBaaaleaacaWGibGaaiilai aadshacqGHRaWkcaaIXaaabeaakiaadQhadaWgaaWcbaGaamiDaiab gUcaRiaaigdaaeqaaOWaaeWaaeaacaaIXaGaey4kaSIaamOEamaaBa aaleaacaWGjbaabeaaaOGaayjkaiaawMcaaaqaaiaadQgadaWgaaWc baGaamisaiaacYcacaWG0baabeaaaaaakiaawIcacaGLPaaadaahaa WcbeqaaiaaikdaaaaakiaawUhacaGL9baaaaaa@CB03@