\begin{equation}
\frac{\NFALev}{\GDPLev}= \frac{\EmpGro \WGro}{\Rfree} \left( 1 + \frac{\urate \EmpGro \WGro}{\EmpGro \WGro -\PLives(\Discount \Rfree )^{1/\CRRA}} \right) \frac{\BLevE}{\GDPLev} -\EmpGro \WGro\left( \frac{\kapShare}{\Rfree-\DeprFac}\right).
\label{eq:NFARat}
\end{equation}
