Graham, Liam (contributor); Snower, Dennis J. (contributor) - 2008
others. Blanchard and Fisher (1989) wrote: �Most economists who came
to accept the view that there was no long-run trade … each agent�s path
of income falls across the contract period, agents in di�erent cohorts trade bonds
to smooth consumption … trade-o� between real variables and
in�ation for an exponential discount factor consistent with our choice of real
interest …