<Model same as Dos Santos (2014)> ˙ Q = Z - R ˙ F k = R + pqR - (Z - B k ) Z = α(R + pqR)+ B k Y c = (1 - p)qR Y w = kZ C c = γY c C w = βY w + B w ˙ F c = Y c - C c ˙ F w = Y w - (C w - B w ) D = (1 - k)Z - C c - C w (1) <Model same as Dos Santos (2014) with interest payments flow> ˙ Q = Z - R ˙ F k = R + pΠ K - (Z - B k ) Z = α(R + pΠ K )+ B k Y c = (1 - p)Π K Y w = kZ C c = γY c C w = βY w + B w ˙ F c = Y c - C c ˙ F w = Y w - (C w - B w ) (2) 1
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