Sunspot Equilibria and the Transfer Paradox

Thorsten Hens () and Beate Pilgrim
Additional contact information
Thorsten Hens: Institute for Empirical Research in Economics, University of Zurich, Postal: University of Zurich, Institute for Empirical Research in Economics, Blümlisalpstrasse 10, 8006 Zürich, Switzerland, http://www.iew.unizh.ch/home/hens/
Beate Pilgrim: Reuters AG, Frankfurt, Germany

No 2004/14, Discussion Papers from Norwegian School of Economics, Department of Business and Management Science

Abstract: We show that for international economies with two countries, in which agents have additively separable utility functions, the existence of sunspot equilibria is equivalent to the occurrence of the transfer paradox. This equivalence enables us to provide some new insights on the relation of the existence of sunspot equilibria and the multiplicity of spot market equilibria.

Keywords: Sunspot Equilibria; Transfer Paradox (search for similar items in EconPapers)
JEL-codes: C62 D52 F20 F30 O12 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2004-11-22
New Economics Papers: this item is included in nep-cba and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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