The author is thankful for comments from Darrell Duffie, Milt Harris, Patrick McAllister, Jose Scheinkman, Bill
Francis and the participants of a recent UIC seminar, especially, Oleg Bondarenko, as well as numerous anonymous
referees and editors. The author is inspired and dedicated to the common human longing for liberty and for preservation
of their hard earned wealth. The author is, however, responsible for any remaining error in this paper. The first draft
of the model in this paper mimeographed at the Board of Governors of the Federal Reserve System, Washington, D.C.