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Comments on Farmer and Guo's "the econometrics of indeterminacy: an applied study."
S. Rao Aiyagari
Staff Report from Federal Reserve Bank of Minneapolis
I argue that Farmer and Guo's one-sector real business cycle model with indeterminacy and sunspots fails empirically and that its failure is inherent in the logic of the model taken together with some simple labor market facts.
Keywords: Business cycles; Econometric models (search for similar items in EconPapers)
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