in which R" > 1 is a government-controlled "leverage ratio" for financing expensive durable goods. (Note: there are no typos on the time subscripts of the variables in the financing constraint.) Letting / stand for the one-period-ahead "impatience" parameter, 1, stand for the multiplier on the period- budget constraint, and o the multiplier on the period- financing constraint, the sequential Lagrangian for the representative consumer's optimization problem starting from period t 15 u ( c ) +v ( c, " ) + B u ( c, . ) + v ( c [ ]) + B u(C+2 ) + v(6142 ) DER ) + 83 u(c, 3 ) + v (c 45 7 ) +... the (s , + d, ) at y - G - pi DUR CA - (1-5)cPUR ) - s,a, to Roof .s,a, - P, DUR _DUR DUR DUR DUR DUR DUR DUR C+ +3 -(1-8)(12 )-5,42042] DUR _ DUR +