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A (hT^sL)¹^-α (1 - p)^1-^α n^α = c +

n^ξ (1 - p)^θ ρ^η

(30)

(31)

From these equations it is possible to get the steady-state values of the different
variables. In particular, from (26) we have:

β (1 + r) = 1 ⇒ 1 + r = ɪ ⇒ r =
β

Using from now on (31), so that we only write T, from (27) and (29) we obtain:

Eh^δ (1 - T)^1-^δ(1 - δ) Eh^δ (1 - T)^-^δ

βδ (1 — T)

1-δ

1 - T _ βδ (1 - T)

1-δ

+ βT

1 - T = βδ (1 - T)+ βT (1 - δ)

1 - βδ = T (1 + β - 2βδ)

T 1 - βδ

1 + β - 2βδ

From (29) (using the expression just found for T) we then get:

¹ - β^δ V^-^δ ⇒ _h1-δ = E^μ β (¹ -^δ) y^-^δ

1 + β - 2βδ J V + β - 2βδ J

β (1 - δ)

1 + β - 2βδ

From (23) and (25) we then have:

θ-

η⁽¹^- ρβ

-ξ

^ρ

θp - η + ηp 1

α
αη

^ξ)

α z _z,,

-ξp = (η ⁺^θ) ρ ^- η

⇒ αη + αθ - ξ + αξ

^P α (ξ + η + θ) - ξ

From (23) (using the expressions found above for the different variables) we obtain:

αAd (hTL)^1-^α (1 - p)^1-^α

ξ (1 - p)^θ p^η

n^ξ-α =

αAd (hTL)^1-^α (1 - p)^1-^α

PαAd∖ ^αⁿ = I .

ξ (1 - θ ρη

ɪ α ɪ α V n

(hTL)^ξ-α (1 - p) ^ξ-α p^α-ξ

1 -α

1 -α-θ