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Some consumers are very patient and have a high βh, others are impatient and have a low βl (βl < βh). Note that β is the weight in the future consumption, or the discount rate. Consumers′ are equal in their income and there are no taxes (that is, t = t = 0). The government does not have to finance any spending.
There are N consumers of each type in this economy. That is, in total there are 2N consumers, N of them are type h and are type l.
I recommend that you make a change of variable to solve this problem: instead of working with the net interest rate (r), work with the gross interest rate R = 1 + r.
Find the equilibrium if y = y’ = y-bar.
(30 points) Consider an economy with two types of consumers labeled h and I. Consumers havepreferences for current and future consumption given by:UhCh; Ch )= In ch + Bh In chul(c. ci) =Ing+Biinc
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