NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Ambiguous Business Cycles

Cosmin Ilut, Martin Schneider

NBER Working Paper No. 17900
Issued in March 2012

---- Acknowledgements -----

We would like to thank George-Marios Angeletos, Francesco Bianchi, Lars Hansen, Nir Jaimovich, Alejandro Justiniano, Christian Matthes, Fabrizio Perri, Giorgio Primiceri, Bryan Routledge, Juan Rubio-Ramirez and Rafael Wouters, as well as workshop and conference participants at Boston Fed, Carnegie Mellon, CREI, Duke, ESSIM (Gerzensee), Federal Reserve Board, NBER Summer Institute, New York Fed, NYU, Ohio State, Rochester, San Francisco Fed, SED (Ghent), Stanford, UC Santa Barbara and Yonsei for helpful discussions and comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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