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--- Präs. --- ---
wb
t = θbst
yjt + Θ
hb
jt
. (A.5)
The term st denotes the marginal costs of an intermediate goods producing firm
and is given by
st = θ−θk
k θ−θh
h θ−θe
e θ−θb
b (rt)θk(wt)θh(we
t )θe(wb [...] 1−ξP
Pt−1
− st+kπ
ξP
t+kP̃
−ξP
]
P ξP
t−1Yt+k .
The first-order condition is as follows:
0 = Et
∞∑
k=0
(βϕp)kλt+k
[
(1 − ξP )πξP −1
t+k
P̃
Pt−1
+ ξP st+kπ
ξP
t+k [...] jt)θe−1(hb
jt)θb ,
• wb
t = stθbk
θk
jt (hh
jt)θh(he
jt)θe(hb
jt)θb−1 .
Variable st is the Lagrangian multiplier and equals marginal costs. Total variable costs
are styjt. Furthermore