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A Note on sunspot equilibrium in sequential economies

Bloise, Gaetano Osvaldo (2004) A Note on sunspot equilibrium in sequential economies. Research in Economics, Vol. 58 (1), p. 59-74. ISSN 1090-9443. Article.

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DOI: 10.1016/j.rie.2003.10.001

Abstract

In this paper, we consider the occurrence of sunspot equilibria in the proximity of the steady state of a nonlinear aggregative dynamic economy with possibly predetermined variables. By means of [J. Econ. Theory 80 (1998) 59] geometric method, sunspot equilibria can be studied through the invariance properties, in the deterministic equilibrium dynamics, of their supports. We show that such suitable invariant sets exist, around a steady state, if the steady state is locally indeterminate. Furthermore, when the steady state is locally determinate, no suitable invariant sets exist in a neighborhood of that steady state, independently of the properties of underlying sunspot equilibria, thus clarifying an open issue in the literature on sunspot equilibria in sequential economies.

Item Type:Article
ID Code:2839
Status:Published
Refereed:Yes
Uncontrolled Keywords:Steady state, sunspot equilibrium, indeterminacy, saddlepath, invariant set
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/01 Economia politica
Divisions:001 Università di Sassari > 01 Dipartimenti > Economia, impresa, regolamentazione
Publisher:Elsevier
ISSN:1090-9443
Publisher Policy:© 2004 University of Venice
Deposited On:26 Aug 2009 12:59

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