RDP 2009-08: Leverage Constraints and the International Transmission of Shocks
Equation
γ
1
d
k
1
,
t
+
1
S
k
1
S
=
E
t
d
A
t
+
1
A
+
γ
2
d
k
^
1
,
t
+
1
I
k
^
1
I
,
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