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Consider an economy that lasts for 13 periods. Imagine that the central bank plans to issue fiat money as using commodity money is viewed as

Consider an economy that lasts for 13 periods. Imagine that the central bank plans to issue fiat money as using commodity money is viewed as too cumbersome. We can be sure that the value of fiat money

will be the highest in period 13 will be the highest in period 1 will fluctuate over time will be equal to 0 in period 8

Reason and math please! Thank you.

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