RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix Equation (81)

0 = λ t + E t { β λ t + 1 ( 1 + r t * ) s t + 1 z t + 1 π t + 1 } MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaaGimaiabg2 da9iabgkHiTiabeU7aSnaaBaaaleaacaWG0baabeaakiabgUcaRiaa dweadaWgaaWcbaGaamiDaaqabaGcdaGadaqaaiabek7aInaalaaaba Gaeq4UdW2aaSbaaSqaaiaadshacqGHRaWkcaaIXaaabeaakmaabmaa baGaaGymaiabgUcaRiaadkhadaqhaaWcbaGaamiDaaqaaiaacQcaaa aakiaawIcacaGLPaaacaWGZbWaaSbaaSqaaiaadshacqGHRaWkcaaI XaaabeaaaOqaaiaadQhadaWgaaWcbaGaamiDaiabgUcaRiaaigdaae qaaOGaeqiWda3aaSbaaSqaaiaadshacqGHRaWkcaaIXaaabeaaaaaa kiaawUhacaGL9baaaaa@58D6@