Bullard, James Brian (contributor); Singh, Aarti (contributor) - 2007 - Rev.
, and each country has a mass γ
j
,j=1,...,n,where
8
0 ≤ γ
j
≤ 1, and
P
n
j=1
γ
j
=1. There is no population growth. Apart … of output in country
j, ∆y
s
is the growth rate of the level of output in foreign economy s, and
κ
j,s
= γ
s
(σ−1).
14
2 …