Relatively few state-chartered banks converted to national banks until their customers complained about note discounts their customers complained about the lack of local branches their customers complained about bank runs and panics the federal government levied a 10 percent tax on state banknotes Question 6 In Franco Modigliani's lifecycle hypothesis, the representative agent is assumed to have a real income that rises steadily over her life gradually declines over her life starts low, rises to a peak, then declines starts high, declines to a trough, then rises