Sunspot equilibria and the transfer paradox

Thorsten Hens () and Beate Pilgrim

Economic Theory, 2004, vol. 24, issue 3, 583-602

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. Copyright Springer-Verlag Berlin/Heidelberg 2004

Keywords: Sunspot equilibria; Transfer paradox. (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1007/s00199-004-0521-5

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