When can changes in expectations cause business cycle fluctuations in neo-classical settings?

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When can changes in expectations cause business cycle fluctuations in neo-classical settings?

It is often argued that changes in expectation are an important driving force of the business cycle. However, it is well known that changes in expectations cannot generate positive co-movement between consumption, investment and employment in the most standard neo-classical business cycle models. This gives rise to the question of whether changes in expectation can cause business cycle fluctuat...

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ژورنال

عنوان ژورنال: Journal of Economic Theory

سال: 2007

ISSN: 0022-0531

DOI: 10.1016/j.jet.2006.06.009