RDP 2013-08: International Business Cycles with Complete Markets
Equation
L
=
∑
t
=
0
∞
∑
s
t
∈
S
t
[
β
t
π
(
s
t
)
∑
j
=
j
ω
j
u
(
c
j
(
s
t
)
,
h
j
(
s
t
−
1
)
,
n
j
(
s
t
)
)
−
∑
j
∈
J
m
j
(
s
t
)
(
k
(
s
t
)
−
(
1
−
δ
)
k
(
s
t
−
1
)
−
ϕ
(
i
(
s
t
)
k
(
s
t
−
1
)
)
k
(
s
t
−
1
)
)
−
∑
j
∈
J
n
j
(
s
t
)
(
h
j
(
s
t
)
−
c
j
(
s
t
)
)
−
γ
(
s
t
)
(
∑
j
∈
J
c
j
(
s
t
)
+
∑
j
∈
J
i
j
(
s
t
)
−
∑
j
∈
J
z
j
(
s
t
)
f
(
k
j
(
s
t
−
1
)
,
n
j
(
s
t
)
)
)
]
,
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