1
D = σσσσσσσσσ _ MB
[rD + {ER/D} + {C/D}]
M = D + {C/D}_D = [1 + {C/D}]_D
[1 + {C/D}]
M = σσσσσσσσσσ _ MB
[rD + {ER/D} + {C/D}]
[1 + {C/D}]
m = σσσσσσσσσ
[rD + {ER/D} + {C/D}]
m < 1/rd because no multiple expansion for currency and because as M _ ER _
Full Model
M = m _ [MBn + DL]
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