NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Animal Spirits, Persistent Unemployment and the Belief Function

Roger E.A. Farmer

NBER Working Paper No. 16522
Issued in November 2010

---- Acknowledgements -----

This paper was prepared for the "Microfoundations for Modern Macroeconomics Conference" hosted by Columbia University's Center on Capitalism and Society, November 19th - 20th, 2010 in New York City. I wish to thank Ned Phelps and Roman Frydman for inviting me to write the paper and Olivier Blanchard, Guillermo Calvo and Ned Phelps for their comments on my presentation. Thanks also to Leigh Caldwell, Larry Christiano, Eric Leeper, Dmitry Plotnikov, Harald Uhlig, Frank Smets, Yi Wen and seminar participants at the Paris School of Economics, Duke University, GREQAM and the European Summer Symposium on Macroeconomics. The National Science Foundation funded this research in part through grant #0720839. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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