Sunspot Equilibria in Systems with Memory: an Introductory Presentation
AbstractWe consider Rational Expectations Equilibria in infinite horizon models in which equilibrium to-day depends upon the past, yesterday, and the future, to-morrow. We focus attention on a category of "Sunspot Equilibria", (à la Davila) that have a finite support and trigger a quasi-cyclic behavior of the economy. Our presentation puts emphasis on intuition and connection with earlier literature in one step forward looking models.
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Bibliographic InfoPaper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 1999-05.
Length: 20 pages
Date of creation: 1999
Date of revision:
ECONOMIC MODELS ; EXPECTATIONS ; RATIONALITY;
Find related papers by JEL classification:
- D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
- C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
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