RDP 2013-09: Terms of Trade Shocks and Incomplete Information
Equation (B11)
c
˜
t
+
ϕ
μ
k
˜
t
=
E
t
{
c
˜
t
+
1
}
+
(
1
+
ϕ
μ
)
m
t
−
(
1
−
η
−
1
+
ϕ
η
1
−
α
)
Δ
s
t
−
β
α
Y
^
μ
K
^
E
t
{
y
˜
t
+
1
}
+
(
1
−
η
−
β
ϕ
μ
1
−
α
−
β
α
Y
¯
μ
K
¯
)
E
t
{
Δ
s
t
+
1
}
+
(
ϕ
μ
(
1
+
β
)
+
β
α
Y
¯
μ
K
¯
)
k
˜
t
+
1
−
β
ϕ
μ
E
t
{
k
˜
t
+
2
}
−
β
ϕ
μ
E
t
{
m
t
+
1
}
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