RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency Equation (25)

0=Qe w ^ ( a ^ s ^ +1 +Σ a ^ s ^ +j )( Σ ^ a ^ j σ ^ j d z ^ j )+Qe w ^ ( a ^ s ^ +1 +Σ a ^ s ^ +j )(1 a ^ s ^ +1 ) σ e d z e +Qe w ^ ( a ^ s ^ +1 + Σ ^ a s ^ +j )(Σ a ^ s ^ +j ( σ j d z j σ e d z e )]Qe w ^ (Σ a ^ s ^ +j σ j d z e ) Qw( a s+1 + Σ ^ a s+j )(Σ a j σ j d z j )Qw( a s+1 + Σ ^ a s+j ) a s+1 σ e d z e Qw( a s+1 + Σ ^ a s ^ +j )[ Σ ^ a s+j ( σ ^ j d z ^ j + σ e d z e )] +Qw( a s+1 + σ e d z e )+Qw[ Σ ^ a s+j ( σ ^ j d z ^ j + σ e d z e )] MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacaaIWa Gaeyypa0JaamyuaiaadwgaceWG3bGbaKaacaGGOaGabmyyayaajaWa aSbaaSqaaiqadohagaqcaiabgUcaRiaaigdaaeqaaOGaey4kaSIaeu 4OdmLabmyyayaajaWaaSbaaSqaaiqadohagaqcaiabgUcaRiaadQga aeqaaOGaaiykaiaacIcacuqHJoWugaqcaiqadggagaqcamaaBaaale aacaWGQbaabeaakiqbeo8aZzaajaWaaSbaaSqaaiaadQgaaeqaaOGa amizaiqadQhagaqcamaaBaaaleaacaWGQbaabeaakiaacMcacqGHRa WkcaWGrbGaamyzaiqadEhagaqcaiaacIcaceGGHbGbaKaadaWgaaWc baGabm4CayaajaGaey4kaSIaaGymaaqabaGccqGHRaWkcqqHJoWuce WGHbGbaKaadaWgaaWcbaGabm4CayaajaGaey4kaSIaamOAaaqabaGc caGGPaGaaiikaiaaigdacqGHsislceWGHbGbaKaadaWgaaWcbaGabm 4CayaajaGaey4kaSIaaGymaaqabaGccaGGPaGaeq4Wdm3aaSbaaSqa aiaadwgaaeqaaOGaamizaiaadQhadaWgaaWcbaGaamyzaaqabaaake aacqGHRaWkcaWGrbGaamyzaiqadEhagaqcaiaacIcaceWGHbGbaKaa daWgaaWcbaGabm4CayaajaGaey4kaSIaaGymaaqabaGccqGHRaWkcu qHJoWugaqcaiaadggadaWgaaWcbaGabm4CayaajaGaey4kaSIaamOA aaqabaGccaGGPaGaaiikaiabfo6atjqadggagaqcamaaBaaaleaace WGZbGbaKaacqGHRaWkcaWGQbaabeaakiaacIcacqaHdpWCdaWgaaWc baGaamOAaaqabaGccaWGKbGaamOEamaaBaaaleaacaWGQbaabeaaki abgkHiTiabeo8aZnaaBaaaleaacaWGLbaabeaakiaadsgacaWG6bWa aSbaaSqaaiaadwgaaeqaaOGaaiykaiaac2facqGHsislcaWGrbGaam yzaiqadEhagaqcaiaacIcacqqHJoWuceWGHbGbaKaadaWgaaWcbaGa bm4CayaajaGaey4kaSIaamOAaaqabaGccqaHdpWCdaWgaaWcbaGaam OAaaqabaGccaWGKbGaamOEamaaBaaaleaacaWGLbaabeaakiaacMca aeaacqGHsislcaWGrbGaam4DaiaacIcacaWGHbWaaSbaaSqaaiaado hacqGHRaWkcaaIXaaabeaakiabgUcaRiqbfo6atzaajaGaamyyamaa BaaaleaacaWGZbGaey4kaSIaamOAaaqabaGccaGGPaGaaiikaiabfo 6atjaadggadaWgaaWcbaGaamOAaaqabaGccqaHdpWCdaWgaaWcbaGa amOAaaqabaGccaWGKbGaamOEamaaBaaaleaacaWGQbaabeaakiaacM cacqGHsislcaWGrbGaam4DaiaacIcacaWGHbWaaSbaaSqaaiaadoha cqGHRaWkcaaIXaaabeaakiabgUcaRiqbfo6atzaajaGaamyyamaaBa aaleaacaWGZbGaey4kaSIaamOAaaqabaGccaGGPaGaamyyamaaBaaa leaacaWGZbGaey4kaSIaaGymaaqabaGccqaHdpWCdaWgaaWcbaGaam yzaaqabaGccaWGKbGaamOEamaaBaaaleaacaWGLbaabeaaaOqaaiab gkHiTiaadgfacaWG3bGaaiikaiaadggadaWgaaWcbaGaam4CaiabgU caRiaaigdaaeqaaOGaey4kaSIafu4OdmLbaKaacaWGHbWaaSbaaSqa aiqadohagaqcaiabgUcaRiaadQgaaeqaaOGaaiykaiaacUfacuqHJo WugaqcaiaadggadaWgaaWcbaGaam4CaiabgUcaRiaadQgaaeqaaOGa aiikaiqbeo8aZzaajaWaaSbaaSqaaiaadQgaaeqaaOGaamizaiqadQ hagaqcamaaBaaaleaacaWGQbaabeaakiabgUcaRiabeo8aZnaaBaaa leaacaWGLbaabeaakiaadsgacaWG6bWaaSbaaSqaaiaadwgaaeqaaO Gaaiykaiaac2faaeaacqGHRaWkcaWGrbGaam4DaiaacIcacaWGHbWa aSbaaSqaaiaadohacqGHRaWkcaaIXaaabeaakiabgUcaRiabeo8aZn aaBaaaleaacaWGLbaabeaakiaadsgacaWG6bWaaSbaaSqaaiaadwga aeqaaOGaaiykaiabgUcaRiaadgfacaWG3bGaai4waiqbfo6atzaaja GaamyyamaaBaaaleaacaWGZbGaey4kaSIaamOAaaqabaGccaGGOaGa fq4WdmNbaKaadaWgaaWcbaGaamOAaaqabaGccaWGKbGabmOEayaaja WaaSbaaSqaaiaadQgaaeqaaOGaey4kaSIaeq4Wdm3aaSbaaSqaaiaa dwgaaeqaaOGaamizaiaadQhadaWgaaWcbaGaamyzaaqabaGccaGGPa Gaaiyxaaaaaa@1D63@