Animal Spirits, Financial Crises and Persistent Unemployment

This article uses a rational expectations model with multiple equilibrium unemployment rates to explain financial crises. The model has equilibria where asset prices are unbounded above. I argue that this is an important feature of any rational-agent explanation of a financial crisis, since for the...

Full description

Saved in:
Bibliographic details
Volume: 123
Main Author: Farmer, Roger E.A
Format: Journal Article
Language: English
Zielgruppe: Trade
Academic
Place of publication: OXFORD Blackwell Publishing Ltd 01.05.2013
Wiley-Blackwell
OXFORD UNIV PRESS
Wiley Subscription Services, Inc
published in: The Economic journal (London) Vol. 123; no. 568; pp. 317 - 340
Data of publication: 2013-05
ISSN: 0013-0133
1468-0297
EISSN: 1468-0297
Discipline: Economics
Bibliography: I thank Wouter den Haan, Mingming Jiang and two anonymous referees for their careful reading of this article and for their detailed comments. Thanks also to Jang‐Ting Guo, Thomas Hintermaier, Luca Pensieroso, Pietro Peretto and Dmitry Plotnikov for their helpful feedback on earlier drafts of this article and to C. Roxanne Farmer for her invaluable editorial assistance.
Subjects:
Online Access: Fulltext
Database: Istex
Web of Knowledge
Social Sciences Citation Index
Web of Science
Web of Science - Social Sciences Citation Index - 2013
CrossRef
Academic OneFile (A&I only)
Database information Databases - DBIS