Financial Constraints, Endogenous Markups, and Self-fulfilling Equilibria
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We show that self-fulfilling equilibria and indeterminacy can easily arise in a simple financial accelerator model with reasonable parameter calibrations and without increasing returns in production. A key feature for generating indeterminacy in our model is the countercyclical markup due to the
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美国国家经济研究局创建时间：
2012-05-01
