RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix Equation (87)

0 = τ t I + q X , t υ t [ 1 ϒ ( j X , t z t ( 1 + z I ) j X , t 1 ) ϒ ( j X , t z t ( 1 + z I ) j X , t 1 ) j X , t z t ( 1 + z I ) j X , t 1 ] + E t { β λ t + 1 q X , t + 1 υ t + 1 λ t z t + 1 ( 1 + z I ) ϒ ( j X , t + 1 z t + 1 ( 1 + z I ) j X , t ) ( j X , t + 1 z t + 1 ( 1 + z I ) j X , t ) 2 } MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacaaIWa Gaeyypa0JaeyOeI0IaeqiXdq3aa0baaSqaaiaadshaaeaacaWGjbaa aOGaey4kaSIaamyCamaaBaaaleaacaWGybGaaiilaiaadshaaeqaaO GaeqyXdu3aaSbaaSqaaiaadshaaeqaaOWaamWaaeaacaaIXaGaeyOe I0IaeuO0de6aaeWaaeaadaWcaaqaaiaadQgadaWgaaWcbaGaamiwai aacYcacaWG0baabeaakiaadQhadaWgaaWcbaGaamiDaaqabaGcdaqa daqaaiaaigdacqGHRaWkcaWG6bWaaSbaaSqaaiaadMeaaeqaaaGcca GLOaGaayzkaaaabaGaamOAamaaBaaaleaacaWGybGaaiilaiaadsha cqGHsislcaaIXaaabeaaaaaakiaawIcacaGLPaaacqGHsislcuqHsp qOgaqbamaabmaabaWaaSaaaeaacaWGQbWaaSbaaSqaaiaadIfacaGG SaGaamiDaaqabaGccaWG6bWaaSbaaSqaaiaadshaaeqaaOWaaeWaae aacaaIXaGaey4kaSIaamOEamaaBaaaleaacaWGjbaabeaaaOGaayjk aiaawMcaaaqaaiaadQgadaWgaaWcbaGaamiwaiaacYcacaWG0bGaey OeI0IaaGymaaqabaaaaaGccaGLOaGaayzkaaWaaSaaaeaacaWGQbWa aSbaaSqaaiaadIfacaGGSaGaamiDaaqabaGccaWG6bWaaSbaaSqaai aadshaaeqaaOWaaeWaaeaacaaIXaGaey4kaSIaamOEamaaBaaaleaa caWGjbaabeaaaOGaayjkaiaawMcaaaqaaiaadQgadaWgaaWcbaGaam iwaiaacYcacaWG0bGaeyOeI0IaaGymaaqabaaaaaGccaGLBbGaayzx aaaabaGaey4kaSIaamyramaaBaaaleaacaWG0baabeaakmaacmaaba GaeqOSdi2aaSaaaeaacqaH7oaBdaWgaaWcbaGaamiDaiabgUcaRiaa igdaaeqaaOGaamyCamaaBaaaleaacaWGybGaaiilaiaadshacqGHRa WkcaaIXaaabeaakiabew8a1naaBaaaleaacaWG0bGaey4kaSIaaGym aaqabaaakeaacqaH7oaBdaWgaaWcbaGaamiDaaqabaGccaWG6bWaaS baaSqaaiaadshacqGHRaWkcaaIXaaabeaakmaabmaabaGaaGymaiab gUcaRiaadQhadaWgaaWcbaGaamysaaqabaaakiaawIcacaGLPaaaaa GafuO0deQbauaadaqadaqaamaalaaabaGaamOAamaaBaaaleaacaWG ybGaaiilaiaadshacqGHRaWkcaaIXaaabeaakiaadQhadaWgaaWcba GaamiDaiabgUcaRiaaigdaaeqaaOWaaeWaaeaacaaIXaGaey4kaSIa amOEamaaBaaaleaacaWGjbaabeaaaOGaayjkaiaawMcaaaqaaiaadQ gadaWgaaWcbaGaamiwaiaacYcacaWG0baabeaaaaaakiaawIcacaGL PaaadaqadaqaamaalaaabaGaamOAamaaBaaaleaacaWGybGaaiilai aadshacqGHRaWkcaaIXaaabeaakiaadQhadaWgaaWcbaGaamiDaiab gUcaRiaaigdaaeqaaOWaaeWaaeaacaaIXaGaey4kaSIaamOEamaaBa aaleaacaWGjbaabeaaaOGaayjkaiaawMcaaaqaaiaadQgadaWgaaWc baGaamiwaiaacYcacaWG0baabeaaaaaakiaawIcacaGLPaaadaahaa WcbeqaaiaaikdaaaaakiaawUhacaGL9baaaaaa@CBC3@