News versus Sunspot Shocks in Linear Rational Expectations Models

Lilia Karnizova

No 0706E, Working Papers from University of Ottawa, Department of Economics

Abstract: This paper compares news and sunspot shocks as sources of exogenous changes in beliefs by analyzing equilibria of rational expectations models. The similarities and differences between the two shocks are illustrated in a New Keynesian monetary model.

Keywords: News Shocks; Sunspots; Expectation shocks (search for similar items in EconPapers)
JEL-codes: C63 E32 E47 E52 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2007
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Citations: View citations in EconPapers (1)

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