RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency
Equation (A.8)
p
j
(
t
)
N
j
(
t
)
=
Σ
k
p
j
(
t
)
n
j
k
(
t
)
+
Σ
k
e
(
t
)
p
^
s
^
+
j
(
t
)
n
^
s
^
+
j
k
(
t
)
j
=
1
,
…
,
s
p
s
+
j
(
t
)
N
^
j
(
t
)
=
Σ
k
p
s
+
j
(
t
)
n
s
+
j
k
(
t
)
+
Σ
k
e
(
t
)
p
^
j
(
t
)
n
^
k
j
(
t
)
j
=
1
,
…
s
^
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