Cycles, Steady States and Sunspot Equilibrium in Models with Memory

Wilfredo Maldonado ()

Brazilian Review of Econometrics, 2000, vol. 20, issue 2

Abstract: In this paper I provide necessary and sufficient conditions for the existence of Markovian sunspot equilibrium around a cycle or multiple steady states in models with lagged variables. These conditions are numerically tested in three endogenous growth models and it is shown the non-existence of these stochastic equilibria in a neighborhood of the cycle or multiple steady states.

Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:sbe:breart:v:20:y:2000:i:2:a:2757

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