function F=solve_nosb(lp,ls,hp,pp,PI,DELTA,THETA_S,THETA_P,BETA_E,ALPHA,As,Ap,ETA,GAMMA,TAU_S,TAU_P,KAPPA,SIGMA,RL,BETA_B,PHI,ALPHA_S,ALPHA_P,KAPPA_M,BETA,EPSILON,ZETAL)
pi=PI;R=1/BETA*pi;
pw=(EPSILON-1)/EPSILON;lambda_c=1-BETA_B*R/pi;
Rs=(ALPHA_S*ls+1-TAU_S-lambda_c*(1-GAMMA))/BETA_B*pi+RL*TAU_S;
Rp=(ALPHA_P*lp+1-TAU_P-lambda_c*(1-GAMMA*ZETAL))/BETA_B*pi+RL*TAU_P;
kp=lp*Rp/THETA_P/pi;
ks=ls*Rs/THETA_S/pi;
d=lp+ls-GAMMA*(ls+ZETAL*lp);

yp=Ap*kp^ALPHA*hp^(1-ALPHA);
wage=(1-ALPHA)*pp*yp/hp;
y=yp/(1-PHI)^SIGMA/(pp/pw)^(-SIGMA);
DIV_P=(-DELTA)*kp+pp*yp-wage*hp-Rp*lp/pi+lp;
k=ks+kp;
ps=((pw^(1-SIGMA)-(1-PHI)^(SIGMA)*pp^(1-SIGMA))/(PHI^SIGMA))^(1/(1-SIGMA));
ys=(ps/pw)^(-SIGMA)*PHI^(SIGMA)*y;
hs=(1-ALPHA)*ps*ys/(wage);
i=DELTA*k;
DIV_S=(-DELTA)*ks+ps*ys-wage*hs+(1-Rs/pi)*ls;
PI_CB=(Rp*lp+Rs*ls-R*d-RL*(TAU_P*lp+TAU_S*ls))/pi-ALPHA_P/2*lp^2-ALPHA_S/2*ls^2-(1-TAU_S)*ls-(1-TAU_P)*lp+d;
ch=y-i;
h=(wage/ch/KAPPA)^(1/ETA);
F(1)=ys-As*ks^ALPHA*hs^(1-ALPHA);
F(2)=hp+hs-h;
F(3)=BETA_E*((1-DELTA)+ALPHA*ps*ys/ks-THETA_S)+THETA_S/Rs*PI-1;
F(4)=BETA_E*((1-DELTA)+ALPHA*pp*yp/kp-THETA_P)+THETA_P/Rp*PI-1;
