Both young and middle-aged consumers may hold fiat money m, the value of which depreciates with a rate of inflation each period.
For the process of grouping in the cases that are by concession beyond the reach of official fiat is a dynamic process.
Section 2 describes the basic model of bank liquidity provision with fiat currency and aggregate uncertainty.
What makes this so surprising is its unabashed lack of foundation: it is a product of exegetical fiat.
However, censorship was not the exercise of an administrative fiat.
Therefore, if a sufficient amount of fiat money is supplied, the fixed asset (land) need not play the role of commodity money in the equilibrium.
Only, it seems, by an arbitrary fiat, which cannot be relied upon (especially as the children's tastes may differ).
The essential value of selfhood, therefore, was assured by divine fiat rather than by purely human effort.
