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قیمت اسمی
, the nominal price of illiquid assets), including the price of the assets held by banks.
combination of liquidity risk and runs at t = 1 implies that illiquid physical capital loses value in comparison to money, and thus its nominal price drops.
To repay the withdrawals at t = 0, all banks sell some of their endowment of capital at this low nominal price, whereas liabilities are fixed in nominal terms.
This implies that the nominal price level at t = 2 is determined by fiscal considerations, as in the fiscal theory of the price level (Cochrane, 2005; Woodford, 1995).
Let p2 be the nominal price level at t = 2.
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