RDP 8906: A Random Walk Around the $A: Expectations, Risk, Interest Rates and Consequences for External Imbalance
Equation
W
t+1
=
W
t
P
t+1
us
/
P
t
us
[
(
1
−
x
)
.
(
1
+
i
us
)
+
x
.
(
1
+
i
A
)
.
(
S
t+1
/
S
t
)
]
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaai4vamaaBa aaleaacaqG0bGaae4kaiaabgdaaeqaaOGaeyypa0ZaaSaaaeaacaqG xbWaaSbaaSqaaiaabshaaeqaaaGcbaGaaeiuamaaDaaaleaacaqG0b Gaae4kaiaabgdaaeaacaqG1bGaae4Caaaakiaac+cacaqGqbWaa0ba aSqaaiaabshaaeaacaqG1bGaae4CaaaaaaGcdaWadaqaamaabmaaba GaaGymaGGaaiab=jHiTiaabIhaaiaawIcacaGLPaaacaGGUaWaaeWa aeaacaaIXaGaey4kaSIaaeyAamaaCaaaleqabaGaaeyDaiaabohaaa aakiaawIcacaGLPaaacqGHRaWkcaqG4bGaaeOlamaabmaabaGaaGym aiabgUcaRiaabMgadaahaaWcbeqaaiaabgeaaaaakiaawIcacaGLPa aacaGGUaWaaeWaaeaacaqGtbWaaSbaaSqaaiaabshacaqGRaGaaeym aaqabaGccaGGVaGaae4uamaaBaaaleaacaqG0baabeaaaOGaayjkai aawMcaaaGaay5waiaaw2faaaaa@636B@