RDP 9209: Financial Liberalisation and Consumption Behaviour
Equation (5)
c
t
=
{
1
−
(
1
+
δ
)
/
(
1
+
r
)
}
α+
{
(
1
+
δ
)
/
(
1
+
r
)
}
c
t−1
+
e
1
t
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