Consider the following economy. Individuals are endowed with y units of the consumption good when young and nothing when old, but would like to consume in both periods. People face a lump-sum tax of t goods when young and a rate of expansion of the fiat money supply of z > 1. The tax and the expansion of the fiat money stock are used to finance government purchases of g goods for each old person in every period. There are N people in every generation (constant population). (a) Find the individual's budget constraints when young and when old. Combine them to derive the individualís lifetime budget constraint. Explain the results

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