RDP 2009-08: Leverage Constraints and the International Transmission of Shocks
Equation
r
x
t
=
r
1
t
−
r
2
t
≡
(
q
1
t
+
R
1
K
,
t
q
1
t
−
1
)
−
(
q
2
t
+
R
2
K
,
t
q
2
t
−
1
)
.
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamOCamaaBa aaleaacaWG4bGaamiDaaqabaGccqGH9aqpcaWGYbWaaSbaaSqaaiaa igdacaWG0baabeaakiabgkHiTiaadkhadaWgaaWcbaGaaGOmaiaads haaeqaaOGaeyyyIO7aaeWaaeaadaWcaaqaaiaadghadaWgaaWcbaGa aGymaiaadshaaeqaaOGaey4kaSIaamOuamaaBaaaleaacaaIXaGaam 4saiaacYcacaWG0baabeaaaOqaaiaadghadaWgaaWcbaGaaGymaiaa dshacqGHsislcaaIXaaabeaaaaaakiaawIcacaGLPaaacqGHsislda qadaqaamaalaaabaGaamyCamaaBaaaleaacaaIYaGaamiDaaqabaGc cqGHRaWkcaWGsbWaaSbaaSqaaiaaikdacaWGlbGaaiilaiaadshaae qaaaGcbaGaamyCamaaBaaaleaacaaIYaGaamiDaiabgkHiTiaaigda aeqaaaaaaOGaayjkaiaawMcaaiaac6caaaa@6082@