RDP 2009-08: Leverage Constraints and the International Transmission of Shocks Equation (13)

U ( C t S ) = E t β S ( C t S ) U ( C t + 1 S ) R t . MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamyvaGGaai ab=jdiIoaabmaabaGaam4qamaaDaaaleaacaWG0baabaGaam4uaaaa aOGaayjkaiaawMcaaiabg2da9iaadweadaWgaaWcbaGaamiDaaqaba GccqaHYoGydaahaaWcbeqaaiaadofaaaGcdaqadaqaaiaadoeadaqh aaWcbaGaamiDaaqaaiaadofaaaaakiaawIcacaGLPaaacaWGvbGae8 NmGi6aaeWaaeaacaWGdbWaa0baaSqaaiaadshacqGHRaWkcaaIXaaa baGaam4uaaaaaOGaayjkaiaawMcaaiaadkfadaWgaaWcbaGaamiDai aac6caaeqaaaaa@51AB@