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Shocks, learning, and persistence

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Author Info
John Bryant
Abstract

A simple model of the process of learning in a diverse economy is presented. This model produces a stylized business cycle with shocks which precipitate the learning process. All agents have the same information, which implies that this business cycle cannot be reduced by improved information flow, counter to many models of output and employment fluctuation.

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File URL: http://minneapolisfed.org/research/sr/sr50.pdf
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Paper provided by Federal Reserve Bank of Minneapolis in its series Staff Report with number 50.

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Date of creation: 1980
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Handle: RePEc:fip:fedmsr:50

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  1. Bryant, John & Wallace, Neil, 1980. "Open-Market Operations in a Model of Regulated, Insured Intermediaries," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 146-73, February. [Downloadable!] (restricted)
  2. Bryant, John, 1978. "Relative prices and inventory investment," Journal of Monetary Economics, Elsevier, vol. 4(1), pages 85-102, January. [Downloadable!] (restricted)
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