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Rational Expectations Business Cycles in Search Equilibrium Author info | Abstract | Publisher info | Download info | Related research | Statistics Diamond, Peter
Fudenberg, Drew
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The authors examine the rational expectations equilibrium paths of the model of search and barter in Peter A. Diamond's "Aggregate Demand Management in Search Equilibrium" (1982). For some initial positions, there are two equilibrium paths converging to different steady states, with the high-activity path Pareto-dominating the low-activity path. With some parameters, there is also a continuum of equilibrium paths converging to another steady state. Moreover, there can be cycles that are equilibrium paths, even though the environment is stationary. Copyright 1989 by University of Chicago Press.
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Article provided by University of Chicago Press in its journal Journal of Political Economy .
Volume (Year): 97 (1989)
Issue (Month): 3 (June)
Pages: 606-19
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Handle: RePEc:ucp:jpolec:v:97:y:1989:i:3:p:606-19Contact details of provider: Postal: The University of Chicago Press, Journals Division, P.O. Box 37005 Chicago, IL 60637 Fax: (773) 753-0811 Email: Web page: http://www.journals.uchicago.edu/JPE/home.html
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