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. . . . . By 13939 . . Government budget constramt at any time 1s given by G; + V, + I; "1 = I}, + %, assuming no money printing, where G; is real government expenditure and Bf is government bond. The private sector budget constraint, on the other hand, is given as C+ (%) (Bf Bf_1)+KtK_1 = (w/P).L+ . Bg 3: (Kt1 + 351) + Vt, Tt. (a) Write the expression for consolidated budget constraint at any given time t and show that taxes, transfers, and government bonds do not appear in the consolidated budget constraint (4 points) (b) Write the expression for lifetime consolidated budget constraint assuming only two years and that both households and the government do not have initial asset (debt) holding. (4 points) (c) Show that the consolidated budget constraint at any given time t can be written as Yr,- 5K = C: + G: + AK; (6 points)