RDP 2009-08: Leverage Constraints and the International Transmission of Shocks
Equation (12)
U
′
(
C
t
S
)
=
E
t
β
S
(
C
t
S
)
U
′
(
C
t
+
1
S
)
(
q
1
t
+
1
+
G
′
(
k
1
,
t
+
1
S
)
)
q
1
t
,
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