Consider a three-period model economy in which capital pays a rate X after two periods. People are endowed with y goods when young and nothing when middle aged and old. Assume population grows at rate n in each period. Intermediation is costless but observable by the government, but capital creation is not observable by the government. a) Can the government earn revenue form seigniorage and bonds in this economy? Explain. b) If the government is able to roll over the debt, what should be the value of X?