RDP 2015-11: Unprecedented Changes in the Terms of Trade: Online Appendix Equation (111)

0 = π H , t π H ( π H , t π H − 1 ) + θ H − 1 ψ H − θ H ψ H m c H , t − E t { β λ t + 1 λ t y H , t + 1 y H , t τ H , t + 1 τ H , t π H , t + 1 π H [ π H , t + 1 π H − 1 ] } MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaaGimaiabg2 da9maalaaabaGaeqiWda3aaSbaaSqaaiaadIeacaGGSaGaamiDaaqa baaakeaacqaHapaCdaWgaaWcbaGaamisaaqabaaaaOWaaeWaaeaada Wcaaqaaiabec8aWnaaBaaaleaacaWGibGaaiilaiaadshaaeqaaaGc baGaeqiWda3aaSbaaSqaaiaadIeaaeqaaaaakiabgkHiTiaaigdaai aawIcacaGLPaaacqGHRaWkdaWcaaqaaiabeI7aXnaaBaaaleaacaWG ibaabeaakiabgkHiTiaaigdaaeaacqaHipqEdaWgaaWcbaGaamisaa qabaaaaOGaeyOeI0YaaSaaaeaacqaH4oqCdaWgaaWcbaGaamisaaqa baaakeaacqaHipqEdaWgaaWcbaGaamisaaqabaaaaOGaamyBaiaado gadaWgaaWcbaGaamisaiaacYcacaWG0baabeaakiabgkHiTiaadwea daWgaaWcbaGaamiDaaqabaGcdaGadaqaaiabek7aInaalaaabaGaeq 4UdW2aaSbaaSqaaiaadshacqGHRaWkcaaIXaaabeaaaOqaaiabeU7a SnaaBaaaleaacaWG0baabeaaaaGcdaWcaaqaaiaadMhadaWgaaWcba GaamisaiaacYcacaWG0bGaey4kaSIaaGymaaqabaaakeaacaWG5bWa aSbaaSqaaiaadIeacaGGSaGaamiDaaqabaaaaOWaaSaaaeaacqaHep aDdaWgaaWcbaGaamisaiaacYcacaWG0bGaey4kaSIaaGymaaqabaaa keaacqaHepaDdaWgaaWcbaGaamisaiaacYcacaWG0baabeaaaaGcda Wcaaqaaiabec8aWnaaBaaaleaacaWGibGaaiilaiaadshacqGHRaWk caaIXaaabeaaaOqaaiabec8aWnaaBaaaleaacaWGibaabeaaaaGcda WadaqaamaalaaabaGaeqiWda3aaSbaaSqaaiaadIeacaGGSaGaamiD aiabgUcaRiaaigdaaeqaaaGcbaGaeqiWda3aaSbaaSqaaiaadIeaae qaaaaakiabgkHiTiaaigdaaiaawUfacaGLDbaaaiaawUhacaGL9baa aaa@938B@