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Real indeterminacy of equilibria in a sunspot economy with inside money

Author

Listed:
  • Shinichi Suda

    (Department of Economics - University of Pennsylvania)

  • Jean-Marc Tallon

    (M.A.D. - UP1 - Université Paris 1 Panthéon-Sorbonne)

  • Antonio Villanacci

    (UniFI - Università degli Studi di Firenze = University of Florence)

Abstract

In a two-period sunspot economy with inside money andS possible realizations of the sunspot, we prove that, genetically in the space of utility functions, there areS — 1 degrees of real indeterminacy. This result generalizes the previously known result for sunspot models that, generically in endowments, there is at least one degree of real indeterminacy. The proof involves showing that generically the equilibrium allocation is different across states for some household. This property allows us to perturb the utility function in a simple way and to apply standard transversality arguments to prove our main theorem.

Suggested Citation

  • Shinichi Suda & Jean-Marc Tallon & Antonio Villanacci, 1992. "Real indeterminacy of equilibria in a sunspot economy with inside money," Post-Print halshs-00499388, HAL.
    • Handle: RePEc:hal:journl:halshs-00499388
    DOI: 10.1007/BF01211419
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    Cited by:

    1. Jean-Marc Tallon, 1995. "Théorie de l'équilibre général avec marchés financiers incomplets," Revue Économique, Programme National Persée, vol. 46(5), pages 1207-1239.
    2. Atsushi Kajii, "undated". "The Sequential Regularity of Competitive Equilibria and Sunspots," Penn CARESS Working Papers e2d9482c0b44fc6a481e83aae, Penn Economics Department.
    3. Kajii, Atsushi, 1998. "Sunspots and the Sequential Regularity of Competitive Equilibria," Journal of Economic Theory, Elsevier, vol. 78(1), pages 187-194, January.
    4. Atsushi Kajii, 2007. "Welfare Gains And Losses In Sunspot Equilibria," The Japanese Economic Review, Japanese Economic Association, vol. 58(3), pages 329-344, September.
    5. David Bowman, 1995. "Constrained suboptimality in economies with limited communication," International Finance Discussion Papers 497, Board of Governors of the Federal Reserve System (U.S.).

    More about this item

    Keywords

    equilibria in a sunspot economy;

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