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The Representative Agent Growth Model is estimated econometrically using the Generalized Method of Moments for the U.S. economy for three separate Growth Eras and the results compared to those obtained using the Kydland--Prescott calibration approach. The estimated parameters differ...
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A dynamic, out-of-equilibrium model of aggregate demand and supply is specified. The existence of, and convergence to, a macroeconomic equilibrium is derived, and the existence of a supporting revealed social utility function is established. Empirical estimates for three recent historical 'eras'...
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