Sunspot-Driven Business Cycles: An Overview
Kazuo Mino ()
No 973, KIER Working Papers from Kyoto University, Institute of Economic Research
This paper reviews the real the real business cycle models that display equilibrium indeterminacy. We first summarize the main fi ndings in the seminal contributions by Benhabib and Farmer (1994) and Farmer and Guo (1994). We then discuss the relevant extinctions of the baseline model explored in the last two decades. We also refer to the recent development in the fi eld after the global financial crisis of 2007-2008.
Keywords: equilibrium indeterminacy; business cycles; sunspots; extrinsic uncertainty (search for similar items in EconPapers)
JEL-codes: E21 E32 O41 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:kyo:wpaper:973
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