This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Sunspot Fluctuations around a Steady State: The Case of Multidimensional, One-Step Forward Looking Economic Models

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Chiappori, Pierre-Andre
Geoffard, Pierre-Yves
Guesnerie, Roger

Additional information is available for the following registered author(s):

Abstract

The paper investigates the existence of stationary sunspot equilibria (SSE) in the vicinity of a steady state in a general, one-step forward looking economic model of dimension n. It is shown that, whenever the steady state is indeterminate, for the associated deterministic dynamics--i.e., there exists a continuum of perfect foresight paths converging to the steady state--then there exists a continuum of SSE of finite order in any neighborhood of the steady state. The proof relies upon bifurcation theory; it provides a characterization of the random processes for which SSE may appear and a description of the location of the support of the SSE close to the bifurcation. The results apply in particular to linear models. Copyright 1992 by The Econometric Society.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://links.jstor.org/sici?sici=0012-9682%28199209%2960%3A5%3C1097%3ASFAASS%3E2.0.CO%3B2-I&origin=repec
File Format: application/pdf
File Function: full text
Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 60 (1992)
Issue (Month): 5 (September)
Pages: 1097-126
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ecm:emetrp:v:60:y:1992:i:5:p:1097-126

Contact details of provider:
Phone: 1 212 998 3820
Fax: 1 212 995 4487
Email:
Web page: http://www.econometricsociety.org/
More information through EDIRC

Order Information:
Email:
Web: http://www.blackwellpublishing.com/memb.asp?ref=0012-9682

For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).

Related research
Keywords:

Other versions of this item:

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)
  1. Kenneth L. Judd, 1997. "Computational Economics and Economic Theory: Substitutes or Complements," NBER Technical Working Papers 0208, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. George W. Evans & Seppo Honkapohja, 2001. "Expectational Stability of Resonant Frequency Sunspot Equilibria," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  3. George W. Evans & Bruce McGough, 2006. "Stable Finite-State Markov Sunspots," University of Oregon Economics Department Working Papers 2006-13, University of Oregon Economics Department. [Downloadable!]
  4. Julio Dávila, . "Reducing Overlapping Generations Economies to Finite Economies," CARESS Working Papres 00-08, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences. [Downloadable!]
    Other versions:
  5. Jordi Galí, 1993. "Monopolistic Competition, Business Cycles, and the Composition of Aggregate Demand," Economics Working Papers 45, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
    Other versions:
  6. Julio Davila, 2001. "Multiplicity, Instability and Sunspots in Games," Penn CARESS Working Papers 98ea9c46b8bd85cddd877d3db, Penn Economics Department. [Downloadable!]
    Other versions:
  7. Dmitri Kolyuzhnov & Anna Bogomolova, 2004. "Escape Dynamics: A Continuous Time Approximation," Econometric Society 2004 Latin American Meetings 27, Econometric Society. [Downloadable!]
  8. G. Desgranges & G. Negroni, 2001. "Expectations Coordination on a Sunspot Equilibrium: an Eductive Approach," THEMA Working Papers 2001-13, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. [Downloadable!]
    Other versions:
  9. Fukuda, Shin-ichi, 1997. "Multiple Equilibria in the Endogenous Economic Growth Model with the Cash-in-Advance Constraint ," CIRJE F-Series 97-F-11, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  10. Kenneth L. Judd & Sy-Ming Guu, 2001. "Asymptotic Methods for Asset Market Equilibrium Analysis," NBER Working Papers 8135, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Dmitri Kolyuzhnov & Anna Bogomolova, 2004. "Escape Dynamics: A Continuous Time Approximation," Econometric Society 2004 Far Eastern Meetings 557, Econometric Society. [Downloadable!]
  12. Roger Guesnerie, 2008. "Macroeconomic and monetary policies from the "eductive" viewpoint," PSE Working Papers 2008-24, PSE (Ecole normale supérieure). [Downloadable!]
    Other versions:
  13. Julio Dávila, . "Time and Uncertainty in Overlapping Generations Economies," Penn CARESS Working Papers f4274aafd97bb75e2364542f8, Penn Economics Department. [Downloadable!]
    Other versions:
  14. Shin-ichi Fukuda, 1998. "Extraneous Shocks and International Linkage of Business Cycles in a Two-Country Monetary Model," CIRJE F-Series CIRJE-F-16, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
    Other versions:
  15. George W. Evans & Seppo Honkapohja, 2001. "Existence of Adaptively Stable Sunspot Equilibria Near an Indeterminate Steady State," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  16. Dmitri Kolyuzhnov & Anna Bogomolova, 2004. "Escape Dynamics: A Continuous Time Approximation," Computing in Economics and Finance 2004 190, Society for Computational Economics. [Downloadable!]
  17. Evans, George W. & Honkapohja, Seppo & Marimon, Ramon, 2001. "Stable Sunspot Equilibria in a Cash-in-Advance Economy," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
Statistics
Access and download statistics

Did you know? The most prolific authors have over 700 items listed on IDEAS.

This page was last updated on 2009-11-12.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.