Gunn, Christopher M. - Carleton University, Department of Economics - 2014
under both a "technology boom-bust" driven by changes in expectation about TFP, and a "credit boom-bust" driven by changes … critically on the nature of the new-shock driving the overaccumulation. In particular, the boom-phase of the TFP boom-bust is … characterized by below-trend inflation or deflation, whereas that of the credit boom-bust is characterized by above-trend but low …