RDP 2005-09: The US Current Account Deficit: A Re-Examination of the Role of Private Saving
Equation (28)
C
0
Y
0
W
=
γ
0
(
Y
0
W
)
1
−
ρ
+
β
γ
1
(
Y
1
W
)
1
−
ρ
+
β
2
γ
2
(
Y
2
W
)
1
−
ρ
+
...
(
Y
0
W
)
1
−
ρ
+
β
(
Y
1
W
)
1
−
ρ
+
β
2
(
Y
2
W
)
1
−
ρ
+
...
.
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