RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix Equation (120)

0 = τ N , t τ N , t 1 π N , t ( 1 + z N ) π t MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaaGimaiabg2 da9maalaaabaGaeqiXdq3aaSbaaSqaaiaad6eacaGGSaGaamiDaaqa baaakeaacqaHepaDdaWgaaWcbaGaamOtaiaacYcacaWG0bGaeyOeI0 IaaGymaaqabaaaaOGaeyOeI0YaaSaaaeaacqaHapaCdaWgaaWcbaGa amOtaiaacYcacaWG0baabeaakmaabmaabaGaaGymaiabgUcaRiaadQ hadaWgaaWcbaGaamOtaaqabaaakiaawIcacaGLPaaaaeaacqaHapaC daWgaaWcbaGaamiDaaqabaaaaaaa@4FD8@