Sunspot equilibria out of the stable manifold

Gaetano Bloise

No 1998013, LIDAM Discussion Papers CORE from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: In this paper, we propose a simple geometrical method to study the occurrence of sunspot equilibria near an indeterminate steady state of a non-linear, two-dimensional economic model without any predetermined variable. We prove that, if the steady state is a saddle point of the perfect foresight dynamical system and the economy is truly nonlinear, then there exist Markovian sunspot equilibria on a compact two-dimensional set

Keywords: Vxqvsrw; htxloleulxp/; lqghwhuplqdf|/; vdggoh; srlqw/; lqyduldqw; vhw (search for similar items in EconPapers)
Date: 1998-02-04
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