When Can Changes in Expectations Cause Business Cycle Fluctuations in Neo-Classical Settings?
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It is often argued that changes in expectation are an important driving force of the business cycle. However, it is well known that changes in expectations cannot generate positive co-movement between consumption, investment and employment in the most standard neo-classical business cycle models.
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美国国家经济研究局创建时间：
2004-09-01
