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This paper develops a theory of expectations-driven business cycles based on learning. Agents have incomplete knowledge … series is captured, unlike in standard models. Inherited from real business cycle theory, the benchmark model suffers a …
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This paper develops a theory of expectations-driven business cycles based on learning. Agents have incomplete knowledge … series is captured, unlike in standard models. Inherited from real business cycle theory, the benchmark model suffers a …
Persistent link: https://www.econbiz.de/10012464466
This paper examines how local governments adjust their spending, savings and taxes in response to a temporary revenue windfall generated by a housing boom and how they cope with the inevitable shortfall that appears during the bust. We focus on Spanish local governments given the intensity of...
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employing the Gordon Growth Model and using an estimation process for the dividend growth rate that was suggested by Barsky and …
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