Question . Time is discrete and denoted t = 1, 2, 3...oo. The economy is populated by a sequence of two-period-lived overlapping generations. As usual, Na denotes the number of people born in time t and population grows at rate 72., N, = nNt_1. The population of initial old is given by: No. Individuals only care about their consumption when old: u(c1,g,02,+1) 2 cu\". Given this utility function, we know that agents will save all of their income. By assuming this type of utility, we are abstracting from the consumption-savings decision problem, however, we will focus on the portfolio-choice problem. The young are endowed with :9 units of output. The young also possess an investment technology, where kg units of invested at date if yields asf(kt) units at date t+ 1. f' > 0, f\" 014:. What are the effects of an open market operation represented by a change in 6? [19 points]