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پیشپرداخت نقدی
The core environment without banks combines a cash-in-advance economy as in Lucas and Stokey (1987) with preference shocks in the spirit of Diamond and Dybvig (1983).9 Households demand money at t = 0 to finance transactions at t = 1 subject to the cash-in-advance constraint, but the preference shocks affect money demand as well by creating an additional precautionary motive to hold money.
, subject to a cash- in-advance constraint), ch denotes consumption at t = 2 that is not subject to the cash-in-advance constraint, and u (c) = log c.
At t = 1, households can purchase goods ch at price p1, subject to the cash-in-advance constraint (7).
To solve the household problem, I conjecture (and later verify) that the cash-in-advance con- straint of impatient households is binding, whereas the cash-in-advance constraint of patient house- holds is not.
Consumption allocation and nominal prices can be solved using the first-order conditions (10) and (11), the market clearing condition for consumption goods at t = 1, chdh = 1, and the binding cash-in-advance constraint for impatient households.
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