The Foundation of Modern Macroeconomics and EP*, respectively, the households decide on Cd and Cf such that

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The Foundation of Modern Macroeconomics and EP*, respectively, the households decide on Cd and Cf such that total nominal consumption spending, PAC PCd + EP*Cf, is minimized given the restriction imposed by (11.21). (Here, Pc is a consumer price index (CPI) for which an expression is deduced below.) The household chooses the optimal ratio between Cd and Cf on the basis of the relative (domestic currency) price of the two goods:

Cd_ ( a ( EP*

Cf 1 — a ) P

(11.22)

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