Inventories, Rational Expectations, and the Business Cycle
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The simplest macroeconomic models in which markets clear instantaneously, and expectations are rational preclude the existence of "business cycles," that is, of serially correlated deviations of output from trend. This paper studies one of several mechanisms that can be used to make these so-called
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美国国家经济研究局创建时间：
1979-08-01
