Price Level and Inflation Dynamics in Heterogeneous Agent Economies
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We study equilibria in a heterogeneous-agent incomplete-market economy with nominal government debt and flexible prices. Unlike in representative agent economies, steady-state equilibria exist when the government runs persistent deficits, provided that the level of deficits is not too large. In
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美国国家经济研究局创建时间：
2023-07-01
