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Article dans une revue Economic Theory Année : 2007

Local Sunspot Equilibria Reconsidered

Résumé

We generalize the usual notion of local sunspot equilibria. We say such equilibria exist around a steady state of an OLG economy whenever stationary sunspot equilibria of arbitrarily close economies exist within any neighborhood of the steady state. Unlike the usual notion, this generalization allows to address the following identification problem: Can an analyst distinguish empirically small fluctuations due to small shocks to the fundamentals from pure expectations-driven fluctuations? We study conditions under which these generalized local sunspot equilibria exist in OLG economies, and show that they may exist around not only indeterminate but also determinate steady states.
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Dates et versions

halshs-00286023, version 1 (06-06-2008)

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Julio Davila, Piero Gottardi, Atsushi Kajii. Local Sunspot Equilibria Reconsidered. Economic Theory, 2007, 31 (3), pp.401-425. ⟨10.1007/s00199-006-0108-4⟩. ⟨halshs-00286023⟩
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