Increasing Returns, Durables and Economic Fluctuations
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We describe an economy where a durable good is produced with an increasing returns to scale technology. Equilibria in this economy take the form of business cycles in which consumption fluctuates too much and is too low on average. A 2-sector version of this economy with imperfect credit and
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美国国家经济研究局创建时间：
1989-06-01
