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Solving the Procyclical News Shock Problem

M. Saif Mehkari () and Bill Dupor ()

No 400, 2010 Meeting Papers from Society for Economic Dynamics

Abstract: vintage capital magnifi es the boom signi cantly. By vintage capital, we mean that the pre-existing capital stock's efficiency grows by relatively less than does future capitalinvestment in response to the shock.

Date: 2010
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