Confidence and the Propagation of Demand Shocks
收藏NBER2020-08-01 更新2025-01-04 收录
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https://www.nber.org/papers/w27702
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We revisit the question of why shifts in aggregate demand drive business cycles. Our theory combines intertemporal substitution in production with rational confusion, or bounded rationality, in consumption and investment. The first element allows aggregate supply to respond to shifts in aggregate
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美国国家经济研究局创建时间：
2020-08-01
