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6 References Aghion, Phillipe and Peter Howitt, 1992, A Model of Growth through Creative Destruction, Econometrica Ai, Hengjie, 2009, Information about Long-Run Risk: Asset Pricing Implications, Journal of Finance Ang, Andrew, Monika Piazzesi, and Min Wei, 2006, What Does the Yield Curve Tell Us About GDP Growth?, Journal of Econometrics Backus, David, Bryan Routledge and Stanley Zin, 2010, Cyclical component of US asset returns, working paper, NYU and CMU Bansal, Ravi and Amir Yaron, 2004, Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles, Journal of Finance Bansal, Ravi, Dana Kiku, and Amir Yaron, 2007, Risks for the Long Run: Estimation and Inference, working paper, Duke and Wharton Bansal, Ravi and Ivan Shaliastovich, 2008, A Long-Run Risks Explanation of Predictability Puzzles in Bond and Currency Markets, working paper, Duke and Wharton Beaudry, Paul and Franck Portier, 2006, News, Stock Prices, and Economic Fluctuations, American Eco- nomic Review Beaudry, Paul and Bernd Lucke, 2010, Letting Different Views about Business Cycles Compete, NBER Macroeconomics Annual van Binsbergen, Jules, Jesus Fernandez-Villaverde, Ralph Koijen and Juan Rubio-Ramirez, 2011, The Term Structure of Interest Rates in a DSGE Model with Recursive Preferences, working paper, University of Pennsylvania Campanale, Claudio, Rui Castro and Gian Luca Clementi, 2008, Asset Pricing in a Production Economy with Chew-Dekel Preferences, Review of Economic Dynamics Christiano, Lawrence and Terry Fitzgerald, 2003, The Band Pass Filter, International Economic Review Christiano, Lawrence, Martin Eichenbaum, and Charles Evans, 2005, Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy, Journal of Political Economy Clarida, Richard, Jordi Galí, and Mark Gertler, 2000, Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory, Quarterly Journal of Economics Comin, Diego and Mark Gertler, 2006, Medium Term Business Cycles, American Economic Review Cochrane, John, 1994, Shocks, Carnegie-Rochester Conference Series on Public Policy 27
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Page 1 and 2: Equilibrium Growth, Inflation, and
Page 3 and 4: allows these models to reconcile a
Page 5 and 6: the model creates a strong feedback
Page 7 and 8: policy on growth dynamics, my paper
Page 9 and 10: Intermediate Goods The intermediate
Page 11 and 12: The intermediate firms face a cost
Page 13 and 14: The aggregate resource constraint i
Page 15 and 16: endogenous stochastic trend. Furthe
Page 17 and 18: endogenous growth model, ENDO 2 is
Page 19 and 20: one exogenous shock. In the two exo
Page 21 and 22: consumption of goods and leisure in
Page 23 and 24: nominal yield curve and sizeable te
Page 25 and 26: this point. Note that the dashed li
Page 27: have particularly low payoffs when
Page 31 and 32: 7 Appendix 7.1 Data Annual and quar
Page 33 and 34: where Pt is the nominal price for t
Page 35 and 36: Define the following terms from the
Page 37 and 38: 7.5 Derivation of the New Keynesian
Page 39 and 40: Table 2: Macroeconomic Moments Data
Page 41 and 42: Table 5: Consumption Growth Forecas
Page 43 and 44: Table 9: Volatility of Low-Frequenc
Page 45 and 46: ! n ! c 0.02 0.01 0 −0.01 Figure
Page 47 and 48: a " n E[" z] 5.5 5 4.5 Figure 3: Ex
Page 49 and 50: m a 5.5 5 4.5 −50 −100 Technolo
Page 51 and 52: Figure 7: Expected Inflation and Gr
Page 53: std(! y) std(E[! c]) E[r d −r f ]

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