Financial Intermediation and The Great Depression: A Multiple Equilibrium Interpretation
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This paper explores the behavior of the U.S. economy during the interwar period from the perspective of a model in which the existence of non-convexities in the intermediation process gives rise to a multiplicity of equilibria. The resulting indeterminancy is resolved through a sunspot process which
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美国国家经济研究局创建时间：
1995-05-01
