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RDP 2002-08: Currency Crises and Macroeconomic Performance
Equation (9)
[
l
•
c
•
]
=
1
Δ
[
−
φ
γ
φ
λ
(
y
α
φ
−
δ
)
−
a
(
λ
+
y
κ
)
−
1
λ
(
φ
y
α
φ
−
φ
δ
−
α
)
+
κ
(
δ
−
y
α
φ
)
]
[
l
c
]
+
1
Δ
[
−
φ
λ
y
α
y
[
λ
(
1
−
φ
y
φ
)
+
y
κ
]
δ
−
1
−
λ
[
λ
α
y
(
1
−
φ
y
φ
)
+
y
κ
(
α
y
φ
−
δ
)
+
δ
λ
(
φ
y
−
1
)
]
δ
−
1
φ
λ
y
λ
]
[
μ
r
*
r
d
]
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