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We construct a model to capture the Keynesian idea that production and employment decisions are based on expectations of aggregate demand driven by sentiments and that realized demand follows from the production and employment decisions of ...rms. We cast the Keynesian idea into a simple model with imperfect information about aggregate demand and we characterize the rational expectations equilibria of this model. We ...nd that the equilibrium is not unique despite the absence of anydoi:10.20955/wp.2013.011 fatcat:hxoce3ynrfbazb2arzyhjnnqkq