Intertemporal Disturbances
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NBER Working Paper No. 12243
Issued in May 2006
NBER Program(s): EFG
Disturbances affecting agents intertemporal substitution are the key driving force of macroeconomic fluctuations. We reach this conclusion exploiting the bond pricing implications of an estimated general equilibrium model of the U.S. business cycle with a rich set of real and nominal frictions.
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