Sunspot Equilibria in Systems with Memory: an Introductory Presentation
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.
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