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The Evolution of Endogenous Business Cycles

Roger E.A. Farmer

NBER Working Paper No. 18284
Issued in August 2012, Revised in January 2014

---- Acknowledgments ----

This paper was prepared as an invited submission for a special issue of Macroeconomic Dynamics on 'Complexity in Economic Systems'. I would like to thank two anonymous referees of this journal for their thoughtful comments, Apostolos Serletis for inviting me to write a paper for the issue and Peter Rupert of UCSB for encouraging me to write up my thoughts on the role of EBC models in the history of economic thought. I completed an earlier draft of this work while visiting the Hong Kong Institute for Monetary Research in July of 2012 as an invited Research Fellow. I would like to thank Dong He and Hongyi Chen for inviting me to visit Hong Kong, and the researchers and staff of the HKIMR for their hospitality during my stay. Thanks also to Masanori Kashiwagi for comments on an earlier version of this paper and to C. Roxanne Farmer for her editorial assistance. 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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