Continuous-time sunspot equilibria and dynamics in a model of growth
成果类型：
Article; Proceedings Paper
署名作者：
Drugeon, JP; Wigniolle, B
署名单位：
heSam Universite; Universite Pantheon-Sorbonne
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.0036
发表日期：
1996
页码：
24-52
关键词：
摘要：
This article is concerned with the existence of sunspot equilibria in a continuous-time growth setting. It brings alternative approaches in the self-fulfilling prophecies literature: continuous time, global dynamics, and non-stationarity. The main contribution of the use of continuous-time methods is to allow for a complete understanding of the global dynamical properties of these stochastic equilibria within a non-stationary economy. In this model, fluctuations in growth rates occur through a self-fulfilling prophecies mechanism. (C) 1996 Academic Press, Inc.
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