Antonio Fatás on Hysteresis and the Business Cycle
Macro Musings with David Beckworth
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The Keynesian Model of the Business Cycle
The new Keynesian model has kind of embedded in it the long run growth part is a real business cycle. And then they have some shocks that kind of work themselves out over time and there's no interaction. This is akin to the classical dichotomy, right? That in the long run, the supply side and these demands, we separate the two. It really came to be a very forceful idea.
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