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...
|Main Author:||Farmer, Roger E.A|
|Place of publication:||
OXFORD Blackwell Publishing Ltd 01.05.2013
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|
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.
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