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only in the case of equilibrium price indeterminacy in intertemporal sequential models. First it will be shown that this … kind of indeterminacy arises from an arbitrary use of the tendency to a uniform rate of return on the supply prices of … theory of value and distribution, no price or Sraffian indeterminacy will result. Finally, we will argue that Mandler …
Persistent link: https://www.econbiz.de/10005405056
Persistent link: https://www.econbiz.de/10011689695
In this paper the authors argue that a plausible reason why output and other major U.S. macroeconomic time series seem to follow a Markov switching process might be strictly related to expectations. The authors show that a time series of expectations of future output from the Survey of...
Persistent link: https://www.econbiz.de/10005717418