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predictions of interest rates based on a general equilibrium theory are partially consistent with US data"--Federal Reserve Bank …
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"This paper studies strategic asset allocation and consumption choice in the presence of regime switching in asset returns. We find evidence that four separate regimes - characterized as crash, slow growth, bull and recovery states - are required to capture the joint distribution of stock and...
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"Price rigidity is the key mechanism for propagating business cycles in traditional Keynesian theory. Yet the New …
Persistent link: https://www.econbiz.de/10002956723
"This paper provides a simple dynamic optimization model of durable goods inventories. Closed-form solutions are derived in a general equilibrium environment with imperfect information and serially correlated shocks. The model is then applied to scrutinize some popular conjectures regarding the...
Persistent link: https://www.econbiz.de/10002956727