RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency
Equation (4)
0
=
max
{
e
−
τ
t
v
(
c
(
t
)
)
+
E
t
d
[
e
−
δ
t
J
(
w
(
t
)
)
]
/
dt
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaaGimaiabg2 da9iaab2gacaqGHbGaaeiEaiaacUhacaqGLbWaaWbaaSqabeaacqGH sislcqaHepaDcaqG0baaaOGaaeODaiaacIcacaqGJbGaaiikaiaabs hacaGGPaGaaiykaiabgUcaRiaabweadaWgaaWcbaGaaeiDaaqabaGc caqGKbGaai4waiaabwgadaahaaWcbeqaaiabgkHiTiabes7aKjaabs haaaGccaqGkbGaaiikaiaabEhacaGGOaGaaeiDaiaacMcacaGGPaGa aiyxaiaac+cacaqGKbGaaeiDaaaa@57FB@