Sunspot Equilibria in Dynamics with Predetermined Variables

Julio Dávila

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

Abstract: In this paper, I study the existence of Sunspot Equilibria in a general framework whose dynamics allow for the presence of predetermined variables in the system. The main motivation for this research comes from the fact that previous studies did not allow for such predetermined variables which, nevertheless, appear quite naturally in economic models. I show, for a non-negligible subset of dynamics with predetermined variables verifying usual assumptions, the existence of Stationary Sunspot Equilibria fluctuating between an arbitrary finite number of states arbitrarily close to a steady state.

Keywords: sunspots; memory (search for similar items in EconPapers)
Date: 1997-09
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Citations: View citations in EconPapers (3)

Published in Economic Theory, 1997, 10 (3), pp.483-495. ⟨10.1007/s001990050168⟩

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Working Paper: Sunspot Equilibria in Dynamics with Predetermined Variables (1997)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00286029

DOI: 10.1007/s001990050168

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