RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency
Equation (23)
p
j
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j
=
a
j
w
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a
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^
+
j
e
w
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j
=
2
,
…
,
s
p
s
+
1
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1
=
a
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+
1
w
+
(
1
−
Σ
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a
^
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−
a
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1
−
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a
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j
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e
w
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p
s
+
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=
2
,
…
,
s
^
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