| That is, the beginning and ending dates of crises are determined exogenously. |
| Desired markup variations exacerbate the nominal rigidity that results from the exogenously imposed frictions in the goods market. |
| Government spending grows exogenously at a fixed rate equal to the economy's overall growth rate. |
| Hence, the model can alternatively be interpreted as a model with exogenously fixed real wages. |
| But epistemological leverage increases greatly if the utility function of the inspector is exogenously determined, as it often is. |
| First, crisis and low-variance periods are entirely model-determined, instead of being exogenously assigned. |
