Confidence, Crashes and Animal Spirits*

Roger E. A. Farmer
2011 Economic Journal  
for their comments on an earlier version of this paper and on a related paper that influenced the final draft. I also wish to thank three referees of this journal for their insightful comments. Abstract This paper presents a model of the macroeconomy that reformulates what
doi:10.1111/j.1468-0297.2011.02474.x fatcat:xw727r36sndo3pujc2n4hpa74y