Sunspot equilibria out of the stable manifold
AbstractIn this paper, we propose a simple geometrical method to study the occurrence of sunspot equilibria near an indeterminate steady state of a non-linear, two-dimensional economic model without any predetermined variable. We prove that, if the steady state is a saddle point of the perfect foresight dynamical system and the economy is truly nonlinear, then there exist Markovian sunspot equilibria on a compact two-dimensional set
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Bibliographic InfoPaper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 1998013.
Date of creation: 04 Feb 1998
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