Indeterminacy, aggregate demand, and the real business cycle
نویسندگان
چکیده
منابع مشابه
Indeterminacy, aggregate demand, and the real business cycle ¬リニ
We show that under indeterminacy aggregate demand shocks are able to explain not only aspects of actual fluctuations that standard RBC models predict fairly well, but also aspects of actual fluctuations that standard RBCmodels cannot explain, such as the hump-shaped, trend reverting impulse responses to transitory shocks found in US output (Cogley and Nason, AER, 1995); the large forecastable m...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2004
ISSN: 0304-3932
DOI: 10.1016/j.jmoneco.2003.08.011