申論題

(b) (10 points) Now we change the model to make it three-period, so t = 0, 1,2. An agent endows units of consumption goods at the beginning of period t = 0, 1,2. The agent's lifetime utility becomes Besides the one-period real bond, an agent can also purchase or issue a two-period real bond at the credit market at period 0. The two-period real bond is a zero-coupon bond. That means the issuer of a two-period bond pays 1 unit of consumption goods to the bond holder at period 2, but the issuer does not pay any interest at period I to the bond holder. Solve for the equilibrium price of the two-period real bond at period 0.