RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix
Equation (75)
M
C
N
,
t
=
(
1
1
−
α
N
)
1
−
α
N
(
1
α
)
α
N
W
N
,
t
1
−
α
N
R
N
,
t
K
α
N
Z
N
,
t
Z
t
1
−
α
N
P
N
,
t
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