9 In the text we wrote the budget constraint in real terms as: mt = ¯Y − Yt +mt−1(1 +

rm)+gt, where gt was exogenous from the consumer’s point of view(it did not depend on any of the choices he made). Assume nowthat the transfer payment is given in proportion to the amount of money held by each individual so that gt = −rmmt−1. What is the effect of changing μ on the steady-state equilibrium level of real balances in this case?