N(t): number of people in generation t

Y(t): economy's total endowment of the time t good

c_t^h(t): consumption of the time s good by individual h of generation t

c_t^h = [c_t^h(t), c_t^h(t+1)] : consumption bundle (basket) of individual h of generation t

C(t): total consumption at time t (of the time t good)

u_t^h(c_t^h(t), c_t^h(t+1)): utility function of person h of generation t.

w_t^h(s): endowment of time s good of individual h of generation t

w_t^h = [w_t^h(t), w_t^h(t+1)]: endowment of individual h of generation t

l^h(t): lending of person h of generation t

r(t): real gross interest rate at time t

c_t^h(r(t)): demand function for consumption when young

s_t^h(r(t)): savings function of member h of generation t.

S_t(r(t)) = å_{h = 1}^N(t) s_t^h(r(t)): aggregate savings function

t^h_t(s): tax, in the form of time s good, payable by member h of generation t

t^h_t = [t^h_t(t), t^h_t(t+1)]

G(t): government consumption of the time t good

B(t): bonds issued by the government in period t

p(t): price of one unit of government bonds in period t

b^h(t): quantity of gov't bonds purchased by member h of generation t

NX(t) = Y(t)-C(t)-G(t); country's net export

B_k(t): k-period bonds that exist in period t

p_k(t): price, in period t, of a government bonds that matures in period t+k

b_k^h(t): quantity of k-period gov't bonds held from period t to period t+1 by member h of generation t

p^h,e_k-1(t+1): expectation, in period t, of member h of generation t of the price in time t+1 of a k-period bond held in period t.

L(t): time t labor input

K(t): time t capital input

g(t): level of technology at time t

D^h_t(s): labor endowment of member h of generation t in period s

k^h(t) capital owned at date t by member h of generation t-1

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