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a new theory of expectations. Whereas conventional theories presume that consumers play a passive role in the macro … consistent theory. He argues that expectations are formed by an automatic process that utilizes conscious and nonconscious … processes, passion and reason, information from public and private sources, and social networks. Consumers ultimately reach a …
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"Expected outcomes offer no new information. Results that are unexpected challenge orthodox views. While most discrepancies are resolved upon detailed examination, the few that remain have the potential to lead to a new understanding of human behavior. Over the past four decades, I have held a...
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This paper investigates a dynamic general equilibrium model with search. In particular, search externalities are reßected by an increasing returns to scale matching function, which may imply an indeterminate equilibrium. Hence, the model is capable to generate business ßuctuations, driven by...
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