Animal Spirits, Financial Crises and Persistent Unemployment
收藏NBER2011-06-01 更新2025-01-04 收录
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https://www.nber.org/papers/w17137
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资源简介：
This paper develops a rational expectations model with multiple equilibrium unemployment rates where the price of capital may be unbounded above. I argue that this property is an important feature of any rational-agent explanation of a financial crisis, since for the expansion phase of the crisis to
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美国国家经济研究局创建时间：
2011-06-01
