Sunspot cycles

Julio Dávila

Economic Theory, 2003, vol. 22, issue 1, 169-192

Abstract: This paper shows new properties about the equilibria of a stationary OG economy by establishing a connection between its stationary equilibria and those of a finite economy, with and without extrinsic uncertainty. Specifically, it shows the countability and local uniqueness with respect to the sup metric of the so-called sunspot cycles introduced here, that encompass both the deterministic cycles and the usual finite Markovian stationary sunspot equilibria. These sunspot cycles are, moreover, able to generate, at a lower cost in terms of assumptions than other sunspot equilibria, time series with the recurrent but irregular fluctuations typical of economic time series. Copyright Springer-Verlag Berlin Heidelberg 2003

Keywords: Keywords and Phrases: Overlapping generations; Sunspots; Cycles.; JEL Classification Numbers: D51; D84; D82. (search for similar items in EconPapers)
Date: 2003
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Working Paper: Sunspot Cycles (2003)
Working Paper: Sunspot Cycles (2003)
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DOI: 10.1007/s00199-002-0274-y

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