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RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix
Equation (91)
0
=
k
H
,
t
+
1
E
t
{
z
t
+
1
}
−
(
1
−
δ
)
k
H
,
t
−
υ
t
[
1
−
ϒ
(
j
H
,
t
j
H
,
t
−
1
z
t
(
1
+
z
I
)
)
]
j
H
,
t
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