Sunspot Cycles

Julio Dávila

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

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.

Keywords: overlapping generations; sunspots; cycles (search for similar items in EconPapers)
Date: 2003-08
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Published in Economic Theory, 2003, 22 (1), pp.169-192. ⟨10.1007/s00199-002-0274-y⟩

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Related works:
Journal Article: Sunspot cycles (2003)
Working Paper: Sunspot Cycles (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00286026

DOI: 10.1007/s00199-002-0274-y

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