A geometric approach to sunspot equilibria

• 成果类型: Article
• 署名作者: Bloise, G
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2001.2802
• 发表日期: 2001
• 页码: 519-539
• 关键词: sunspot equilibrium; indeterminacy; saddle point; invariant set

摘要

In this paper, we propose a geometric method for the analysis of first-order sunspot equilibra in a class of nonlinear dynamic economic models without predetermined variables. We show that such stochastic equilibria exist around a steady state whenever it is locally indeterminate. Moreover, under some assumptions, we prove the existence of sunspot equilibria persisting on a full dimensioned support close to the steady state even when local indeterminacy is only lower dimensional, (C) 2001 Academic Press.