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Imperfect Knowledge, Asset Price Swings and Structural Slumps: A Cointegrated VAR Analysis of Their Interdependence

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Author Info

  • Katarina Juselius

    (Department of Economics, University of Copenhagen)

Abstract

This paper is an empirically based discussion of interactions between speculative behavior in the currency markets and aggregate fluctuations in the real economy. It builds on the recent theory of Imperfect Knowledge Economics in Frydman and Goldberg (2007) and combines this with the Structural Slumps theory in Phelps (1994). The paper argues that this is likely to imcrease our understanding of the long recurrent spells of high unemployment that continue to mar our economies.

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File URL: http://www.econ.ku.dk/english/research/publications/wp/dp_2010/1031.pdf/
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Bibliographic Info

Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 10-31.

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Length: 22 pages
Date of creation: Nov 2010
Date of revision:
Handle: RePEc:kud:kuiedp:1031

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Keywords: financial markets; speculation; long swings; imperfect knowledge; CVAR;

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