rules. Under the expectations-based rule, trend growth reduces the scope for determinacy but it relaxes the conditions for … growth ; learning ; monetary policy ; determinacy ; expectational stability …

.g. output, output per hour) and a positive correlation between long-run growth expectations and cyclical activities. Existing … features comovement and mutual influence of households' growth expectations and market outcomes, which can replicate the … evidence, and suggests a critical role for shifting long-run growth expectations in business cycle fluctuations. …