RDP 2013-08: International Business Cycles with Complete Markets
Equation
R
j
(
s
t
,
s
t
+
1
)
=
ϕ
′
(
i
j
(
s
t
)
k
j
(
s
t
−
1
)
)
z
j
(
s
t
,
s
t
+
1
)
f
1
(
k
j
(
s
t
)
,
n
j
(
s
t
,
s
t
+
1
)
)
+
(
1
−
δ
+
ϕ
(
i
j
(
s
t
,
s
t
+
1
)
k
j
(
s
t
)
)
−
ϕ
′
(
i
j
(
s
t
,
s
t
+
1
)
k
j
(
s
t
)
)
i
j
(
s
t
,
s
t
+
1
)
k
j
(
s
t
)
)
×
ϕ
′
(
i
j
(
s
t
)
k
j
(
s
t
−
1
)
)
⁄
ϕ
′
(
i
j
(
s
t
,
s
t
+
1
)
k
j
(
s
t
)
)
.
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceiabbeaamAraai aadkfadaWgaaWcbaGaamOAaaqabaGcdaqadaqaaiaadohadaahaaWc beqaaiaadshaaaGccaGGSaGaam4CamaaBaaaleaacaWG0bGaey4kaS IaaGymaaqabaaakiaawIcacaGLPaaacqGH9aqpcuaHvpGzgaqbamaa bmaabaWaaSaaaeaacaWGPbWaaSbaaSqaaiaadQgaaeqaaOWaaeWaae aacaWGZbWaaWbaaSqabeaacaWG0baaaaGccaGLOaGaayzkaaaabaGa am4AamaaBaaaleaacaWGQbaabeaakmaabmaabaGaam4CamaaCaaale qabaGaamiDaiabgkHiTiaaigdaaaaakiaawIcacaGLPaaaaaaacaGL OaGaayzkaaGaamOEamaaBaaaleaacaWGQbaabeaakmaabmaabaGaam 4CamaaCaaaleqabaGaamiDaaaakiaacYcacaWGZbWaaSbaaSqaaiaa dshacqGHRaWkcaaIXaaabeaaaOGaayjkaiaawMcaaiaadAgadaWgaa WcbaGaaGOmaaqabaGcdaqadaqaaiaadUgadaWgaaWcbaGaamOAaaqa baGcdaqadaqaaiaadohadaahaaWcbeqaaiaadshaaaaakiaawIcaca GLPaaacaGGSaGaamOBamaaBaaaleaacaWGQbaabeaakmaabmaabaGa am4CamaaCaaaleqabaGaamiDaaaakiaacYcacaWGZbWaaSbaaSqaai aadshacqGHRaWkcaaIXaaabeaaaOGaayjkaiaawMcaaaGaayjkaiaa wMcaaaqaaiabgUcaRmaabmaabaGaaGymaiabgkHiTiabes7aKjabgU caRiabew9aMnaabmaabaWaaSaaaeaacaWGPbWaaSbaaSqaaiaadQga aeqaaOWaaeWaaeaacaWGZbWaaWbaaSqabeaacaWG0baaaOGaaiilai aadohadaWgaaWcbaGaamiDaiabgUcaRiaaigdaaeqaaaGccaGLOaGa ayzkaaaabaGaam4AamaaBaaaleaacaWGQbaabeaakmaabmaabaGaam 4CamaaCaaaleqabaGaamiDaaaaaOGaayjkaiaawMcaaaaaaiaawIca caGLPaaacqGHsislcuaHvpGzgaqbamaabmaabaWaaSaaaeaacaWGPb WaaSbaaSqaaiaadQgaaeqaaOWaaeWaaeaacaWGZbWaaWbaaSqabeaa caWG0baaaOGaaiilaiaadohadaWgaaWcbaGaamiDaiabgUcaRiaaig daaeqaaaGccaGLOaGaayzkaaaabaGaam4AamaaBaaaleaacaWGQbaa beaakmaabmaabaGaam4CamaaCaaaleqabaGaamiDaaaaaOGaayjkai aawMcaaaaaaiaawIcacaGLPaaadaWcaaqaaiaadMgadaWgaaWcbaGa amOAaaqabaGcdaqadaqaaiaadohadaahaaWcbeqaaiaadshaaaGcca GGSaGaam4CamaaBaaaleaacaWG0bGaey4kaSIaaGymaaqabaaakiaa wIcacaGLPaaaaeaacaWGRbWaaSbaaSqaaiaadQgaaeqaaOWaaeWaae aacaWGZbWaaWbaaSqabeaacaWG0baaaaGccaGLOaGaayzkaaaaaaGa ayjkaiaawMcaaaqaaiabgEna0kqbew9aMzaafaWaaeWaaeaadaWcaa qaaiaadMgadaWgaaWcbaGaamOAaaqabaGcdaqadaqaaiaadohadaah aaWcbeqaaiaadshaaaaakiaawIcacaGLPaaaaeaacaWGRbWaaSbaaS qaaiaadQgaaeqaaOWaaeWaaeaacaWGZbWaaWbaaSqabeaacaWG0bGa eyOeI0IaaGymaaaaaOGaayjkaiaawMcaaaaaaiaawIcacaGLPaaarm Wu51MyVXgiuL2zLjhifHhCLjhDaGqbaiab=reiKkqbew9aMzaafaWa aeWaaeaadaWcaaqaaiaadMgadaWgaaWcbaGaamOAaaqabaGcdaqada qaaiaadohadaahaaWcbeqaaiaadshaaaGccaGGSaGaam4CamaaBaaa leaacaWG0bGaey4kaSIaaGymaaqabaaakiaawIcacaGLPaaaaeaaca WGRbWaaSbaaSqaaiaadQgaaeqaaOWaaeWaaeaacaWGZbWaaWbaaSqa beaacaWG0baaaaGccaGLOaGaayzkaaaaaaGaayjkaiaawMcaaiaac6 caaaaa@DED7@