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A Possibility of Protracted Output Gaps in an Economy without Any Rigidity

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Author Info
Taiji Harashima (The Cabinet Office of the Japanese Government)

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Abstract

The paper examines a new possibility of output gaps in an economy without any rigidity. The driving force behind the new possibility is non-cooperative behavior of consumers. The paper shows that there is a possibility that when a fundamental shock hits an economy this non- cooperative nature makes consumers deviate form the optimal path of the representative consumer, and thus agents do not jump consumption and proceed on the deviated transition path.

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File URL: http://129.3.20.41/eps/mic/papers/0404/0404007.pdf
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Publisher Info
Paper provided by EconWPA in its series Microeconomics with number 0404007.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 48 pages
Date of creation: 24 Apr 2004
Date of revision:
Handle: RePEc:wpa:wuwpmi:0404007

Note: Type of Document - pdf; pages: 48
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Web page: http://129.3.20.41

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Related research
Keywords: Output gaps; Disequilibrium; Intertemporal consumer choice; Business fluctuations;

Find related papers by JEL classification:
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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This page was last updated on 2009-11-25.

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