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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, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  • Handle: RePEc:cor:louvco:1998013

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    References listed on IDEAS

    1. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    2. MICHEL, Philippe & PESTIEAU , Pierre, 1994. "Fiscal Policy in a Growth Model with Both Altruistic and Non Altruistic Agents," CORE Discussion Papers 1994049, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. Dutta, Jayasri & Michel, Philippe, 1998. "The Distribution of Wealth with Imperfect Altruism," Journal of Economic Theory, Elsevier, vol. 82(2), pages 379-404, October.
    4. repec:adr:anecst:y:1996:i:43 is not listed on IDEAS
    5. E. S. Phelps & R. A. Pollak, 1968. "On Second-Best National Saving and Game-Equilibrium Growth," Review of Economic Studies, Oxford University Press, vol. 35(2), pages 185-199.
    6. repec:adr:anecst:y:1996:i:43:p:03 is not listed on IDEAS
    7. Jean-Pierre Vidal, 1996. "Altruisme et hétérogénéité," Annals of Economics and Statistics, GENES, issue 43, pages 57-71.
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