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Sunspot Equilibria in Systems with Memory: an Introductory Presentation

Author

Listed:
  • Davila, J.
  • Guesnerie, R.

Abstract

We 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.

Suggested Citation

  • Davila, J. & Guesnerie, R., 1999. "Sunspot Equilibria in Systems with Memory: an Introductory Presentation," DELTA Working Papers 1999-05, DELTA (Ecole normale supérieure).
  • Handle: RePEc:del:abcdef:1999-05
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    Keywords

    ECONOMIC MODELS ; EXPECTATIONS ; RATIONALITY;

    JEL classification:

    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General

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