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Suppose the household chooses C, and C2 to solve the following maximization program given B ro, r1, Q1 and Q2 argmaxcc,|In(C1) + 3In(C2) subject to

Suppose the household chooses C, and C2 to solve the following maximization program given B ro, r1, Q1 and Q2 argmaxcc,|In(C1) + 3In(C2) subject to the intertemporal budget constraint (IBC) C2 Q2 C1+ = (1 + ro) By + Q1+ = Y 1+ r1 1 + r1

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