Set up an OLG model with two lifestages, an indirect MIUF approach with a Cobb–Douglas transactions technology and an indirect MIPF with a unit elasticity of substitution between labor, capital and real balances. Make any other assumptions that you require. For this model, derive the representative firm’s demand function for real balances. Does this demand in each lifestage equal saving, or even depend on saving, in that lifestage?