\begin{eqnarray}
  \MLevBF_{t} & = & \big(\overbrace{\ALevBF_{t-1} {\Rprod}_t/\PLives  + \Theta_{t} {P}_{t}\Wage}^{\text{per-capita $\mLevBF$ for survivors}}\big)\PLives+\overbrace{\Theta_{t} {P}_{t}\Wage_t}^{\text{per-capita $\mLevBF$ for newborns}} \PDies \nonumber \\
                       & = & \ALevBF_{t-1} {\Rprod}_t + \Theta_{t} P_t \Wage_t  \label{eq:Mtp1} \\
                       & = & \KLevBF_t \Rprod_t + \LLevBF_t \Wage_t. \nonumber
\end{eqnarray}
