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Question 3 (25 points) Consider an economy with a constant population of N = 2, 000. Individuals are endowed with y = 50 units of the consumption good when young and nothing when old. All seigniorage revenue is used to nance government expenditures. There are no subsidies and no taxes other than seigniorage. Suppose that preferences are such that each individual wishes to hold real balances of at money worth Eli-E goods. l'e+1 (a) (10 points) Write down the budget constraints in the rst and second period of an in- dividuals life. Determine consumption when young and when old as a function of '73:. Show that the lifetime budget constraint is satised. (b) (10 points) Use the equality of supply and demand in the money market to determine the real rate of return to at money. Using this, determine the total real balances of at money in a stationary equilibrium as a function of the rate of at money creation 2. (c) (5 points) Use your answer in part (b) to nd total seigniorage revenue as a function of