Sentiments, Financial Markets, and Macroeconomic Fluctuations
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This paper studies how financial information frictions can generate sentiment-driven fluctuations in asset prices and self-fulfilling business cycles. In our model economy, exuberant financial market sentiments of high output and high demand for capital increase the price of capital, which signals
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美国国家经济研究局创建时间：
2015-06-01
