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  • Van Stijn, Nieuwerburgh, Laura Veldkamp, Tom Sargent, Tim Cogley, Paul Romer +9 others
  • 2004
When a boom ends, the downturn is generally sharp and short. When growth resumes, the boom is more gradual. Our explanation rests on learning about productivity. When agents believe productivity is high, they work, invest, and produce more. More production generates higher precision information. When the boom ends, precise estimates of the slowdown prompt(More)
Inflation expectations surveys of individual consumers have become a key component of monetary policy. There is little evidence, however, i) that individual consumers act on their beliefs about future inflation, and ii) that the inflation expectations elicited with these surveys are informative about the respondents' beliefs. To address these two issues, we(More)
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