yt = Ct + gt ydt = yt + Tt-1bh,t-1 - tt tt = 0(yt + rt-1bh,t-1) Ut = Vt-1 + ydt - Ct Ct = o . yd; + 02 . Vt-1 hh,t = Ut - bh,t bd,t ve of = vt-1 + yd; - ct bh,t = bd,t by,t = by,t-1 + (gt + rt-1bs,t-1) - (tt + It-1bcb,t-1) hy,t = hs,t-1 + beb,t - bcb,t-1 beb,t = by,t - bd,t (20) yd; = ydt-1 (21)