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Sunspot equilibria out of the stable manifold


  • BLOISE, Gaetano


In 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

Suggested Citation

  • BLOISE, Gaetano, 1998. "Sunspot equilibria out of the stable manifold," CORE Discussion Papers 1998013, Universit√© catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  • Handle: RePEc:cor:louvco:1998013

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