Fragility of Purely Real Macroeconomic Models
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Over the past thirty years, a great deal of business cycle research has been based on purely real models that abstract from the presence of nominal rigidities, and so (at least implicitly) assume that the Phillips curve is vertical. In this paper, I show that such models are fragile, in the sense
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美国国家经济研究局创建时间：
2016-01-01
