RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency
Equation (29)
−
[
(
a
3
+
a
4
)
w
−
(
1
−
a
^
3
−
a
^
4
)
e
w
^
]
σ
e
d
z
e
=
[
a
2
w
−
a
^
4
e
w
^
]
σ
2
d
z
2
+
[
a
4
w
−
a
^
2
e
w
^
]
σ
^
2
d
z
^
2
]
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