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Is the macroeconomy locally unstable and why should we care?

Beaudry, Paul; Galizia, Dana; Portier, Franck (2016-05)

In most modern macroeconomic models, the steady state (or balanced growth path) of the system is a local attractor, in the sense that, in the absence of shocks, the economy would converge to the steady state. In this paper, ...