international real business cycles

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Fluctuations of Real Interest Rates and Business Cycles

2010

Yongli Zhang John Hsu Steve LeRoy YONGLI ZHANG

This paper investigates whether the occurrences of business cycles have caused the fluctuations of real interest rates in the US. Based on a standard consumption-based asset pricing model, the model incorporates a new feature that investors have to learn about the unobservable alternations between expansions and recessions. The model captures the qualitative property that real interest rates in...

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