Andrés, Javier (contributor); … - 2004 - [Elektronische Ressource]
factors, Congdon (1982, p. 42) notes of the UK situation, “Treasury bills are
taken up predominantly be the banking system … utility function. These households seek to maximize
max
C
t
,N
t
,M
t
,B
t
,B
L,t
E
0
∞
X
t=0
β
t
½
a
t
·
U
µ
C
t
C
h
t−1
¶
+V …
max
P
∗
t
E
t
∞
X
k=0
θ
k
E
t
{Λ
t,t+k
Y
t+k
(j)(P
∗
t
−P
t+k
MC
t+k
)}
subject to the sequence of demand constraints Y
t …