RDP 2013-08: International Business Cycles with Complete Markets
Equation
Y
t
1
(
ω
)
≡
(
c
1
t
+
1
−
b
c
1
t
−
χ
n
1
t
+
1
1
+
η
1
+
η
)
−
σ
,
Y
t
2
(
ω
)
≡
(
c
2
t
+
1
−
b
c
2
t
−
χ
n
2
t
+
1
1
+
η
1
+
η
)
−
σ
,
Y
t
3
(
ω
)
≡
β
[
Λ
1
t
+
1
R
1
t
+
1
]
,
Y
t
4
(
ω
)
≡
Λ
2
t
+
1
R
2
t
+
1
k
2
t
+
1
.
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