这是一份manchester曼切斯特大学ECON30002T作业代写的成功案例

Averaging the $p_{i}$ ‘s and using the fact that the average of the $z_{i}$ ‘s is zero, we obtain
$$
p=\frac{\gamma-1}{1+\eta \gamma-\eta} y+p
$$
implies that the equilibrium value of $y$ is simply ${ }^{3}$
$$
y=0
$$
Finally, imply
$$
m=p
$$
Not surprisingly, money is neutral in this version of the model: an increase in $m$ leads to an equal increase in all $p_{i}$ ‘s, and hence in the overall price index, $p$. No real variables are affected.

ECON30002T COURSE NOTES ：

Although we have already examined aspects of individuals’ consumption decisions in our investigations of the Ramsey and Diamond models in Chapter 2 and of real-business-cycle theory in Chapter 4 , here we start with a simple case. Consider an individual who lives for $T$ periods whose lifetime utility is
$$
U=\sum_{t=1}^{T} u\left(C_{t}\right), \quad u^{\prime}(\bullet)>0, \quad u^{\prime \prime}(\bullet)<0
$$
where $u(\cdot)$ is the instantaneous utility function and $C_{t}$ is consumption in period $t$. The individual has initial wealth of $A_{0}$ and labor incomes of $Y_{1}, Y_{2}, \ldots, Y_{T}$ in the $T$ periods of his or her life; the individual takes these as given. The individual can save or borrow at an exogenous interest rate, subject only to the constraint that any outstanding debt must be repaid at the end of his or her life. For simplicity, this interest rate is set to zero. ${ }^{1}$ Thus the individual’s budget constraint is
$$
\sum_{t=1}^{T} C_{t} \leq A_{0}+\sum_{t=1}^{T} Y_{t}
$$