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The Inflation Tax on Wealth
B Consumers Problem under Shopping Time
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arbitrage opportunities asset pricing model autocorrelation capital accumulation equation capital stock cash flows cash-in-advance commercial paper competitive equilibrium consumer chooses consumer's problem consumption Cooley and Hansen corporation difference equation dividend tax economy effect of inflation equity market Euler's Theorem financial instruments financial markets firm ownership firm's optimal household ownership household's Euler equation identical implies inflation shock Kt+1 Kt+l KtCt Lucas marginal return monetary shock mrst+1 no-arbitrage condition nominal dividends optimal decisions optimal investment decision order difference equation ownership claims ownership decision ownership of capital ownership value perfect foresight model period physical capital Pt+i PtCt purchase pure lease value rate of substitution rational bubble real stock price real stock returns real value retained earnings satisfied seven equations shopping time model simulate solve for equilibrium standard model stochastic discount factor stochastic growth model stochastic processes stocks and bonds tax on wealth third order difference two-equation system wealth tax WtHt yields