RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency Equation (27′)

0= Σ ^ i π ^ i ( σ ^ i d z ^ i σ ^ 1 d z ^ 1 )( π 0 + Σ i π i )( σ 1 d z 1 σ e d z e σ ^ 1 d z ^ 1 )+ Σ i π i ( σ i d z i σ e d z e σ ^ 1 d z ^ 1 ) MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaaGimaiabg2 da9iqbfo6atzaajaWaaSbaaSqaaiaadMgaaeqaaOGafqiWdaNbaKaa daWgaaWcbaGaamyAaaqabaGccaGGOaGafq4WdmNbaKaadaWgaaWcba GaamyAaaqabaGccaGGKbGabiOEayaajaWaaSbaaSqaaiaadMgaaeqa aOGaeyOeI0Iafq4WdmNbaKaadaWgaaWcbaGaaGymaaqabaGccaGGKb GabiOEayaajaWaaSbaaSqaaiaaigdaaeqaaOGaaiykaiabgkHiTiaa cIcacqaHapaCdaWgaaWcbaGaaGimaaqabaGccqGHRaWkcqqHJoWuda WgaaWcbaGaamyAaaqabaGccqaHapaCdaWgaaWcbaGaamyAaaqabaGc caGGPaGaaiikaiabeo8aZnaaBaaaleaacaaIXaaabeaakiaacsgaca GG6bWaaSbaaSqaaiaaigdaaeqaaOGaeyOeI0Iaeq4Wdm3aaSbaaSqa aiaadwgaaeqaaOGaaiizaiaacQhadaWgaaWcbaGaamyzaaqabaGccq GHsislcuaHdpWCgaqcamaaBaaaleaacaaIXaaabeaakiaacsgaceGG 6bGbaKaadaWgaaWcbaGaaGymaaqabaGccaGGPaGaey4kaSIaeu4Odm 1aaSbaaSqaaiaadMgaaeqaaOGaeqiWda3aaSbaaSqaaiaadMgaaeqa aOGaaiikaiabeo8aZnaaBaaaleaacaWGPbaabeaakiaacsgacaGG6b WaaSbaaSqaaiaadMgaaeqaaOGaeyOeI0Iaeq4Wdm3aaSbaaSqaaiaa dwgaaeqaaOGaaiizaiaacQhadaWgaaWcbaGaamyzaaqabaGccqGHsi slcuaHdpWCgaqcamaaBaaaleaacaaIXaaabeaakiaacsgaceGG6bGb aKaadaWgaaWcbaGaaGymaaqabaGccaGGPaaaaa@8634@