Aguiar-Conraria, Luís (contributor); Wen, Yi (contributor) - 2005
-Conraria
NIPE, Universidade do Minho
Portugal
Yi Wen
Federal Reserve Bank of St. Louis
USA
January 12, 2006
Abstract
This paper o … in the economy maximizes expected life-time utility,
E0
1X
t=0
t
logct b n
1+
t
1 +
!
; (1)
subject to ct +st+1 = (1 …