Expectation Formation and Endogenous Fluctuations in Aggregate Demand



Figure 7: The Evolution of Output, Potential Output, and Output with Capital
Stock Held Fixed in Time.


0.56

0.55

0.54


----- Output

• ∙ ∙ ∙ Output under Perfect Foresight with Time Varying Capital Stock_



0.53

0

5

10

20

25

30

15
Time

Figure 8: The Evolution of Output, Output under Perfect Foresight with Time
Varying Capital Stock, and the Average Level of Output.


30




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