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4. RBC Model Without Capital: Suppose the production function is given as where A is the level of technology and N, is labor. Households maximize
4. RBC Model Without Capital: Suppose the production function is given as where A is the level of technology and N, is labor. Households maximize utility of the following form: log (C+) - B 8=0 subject to the budget constraint C+ + S. = WN+ (1+n )S1+ 1(1-7+) where II, are profits and 0
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