Sunspot fluctuations around a steady state: the case of multidimensional, one-step forward looking economic models

Détails

ID Serval
serval:BIB_C78D4C8D7E3A
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Titre
Sunspot fluctuations around a steady state: the case of multidimensional, one-step forward looking economic models
Périodique
Econometrica
Auteur⸱e⸱s
Geoffard, P.-Y., Chiappori, P.-A., Guesnerie, R. 
Statut éditorial
Publié
Date de publication
1992
Volume
60
Numéro
5
Pages
1097-1126
Résumé
The paper investigates the existence of stationary sunspot equilibria (SSE) in the vicinity of a steady state in a general, one-step forward looking economic model of dimension n. It is shown that, whenever the steady state is indeterminate, for the associated deterministic dynamics--i.e., there exists a continuum of perfect foresight paths converging to the steady state--then there exists a continuum of SSE of finite order in any neighborhood of the steady state. The proof relies upon bifurcation theory; it provides a characterization of the random processes for which SSE may appear and a description of the location of the support of the SSE close to the bifurcation. The results apply in particular to linear models.
Création de la notice
19/11/2007 11:47
Dernière modification de la notice
20/08/2019 16:42
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