On the existence of sunspot equilibria in an overlapping generations model

DOI10.1016/0022-0531(88)90094-4zbMath0659.90024OpenAlexW2035192503MaRDI QIDQ1112712

James Peck

Publication date: 1988

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: http://www.kellogg.northwestern.edu/research/math/papers/678.pdf

zbMATH Keywords

existence of sunspot equilibriacontinuum of perfect foresight equilibriaone-commodity overlapping generations model

Mathematics Subject Classification ID

Economic growth models (91B62) General equilibrium theory (91B50)

Related Items (20)

Monetary policy and price level determinacy in a cash-in-advance economy ⋮ On the structure of Ramsey equilibrium: Cycles, indeterminacy, and sunspots ⋮ Correlated equilibrium and sunspot equilibrium ⋮ Efficiency and optimality in stochastic models with production ⋮ Existence and local uniqueness of functional rational expectations equilibria in dynamic economic models ⋮ ``Quasifundamental variation in a price level and the inflation rate ⋮ Dynamic determinacy and the existence of sunspot equilibria ⋮ Functional sunspot equilibria ⋮ Refinement of dynamic equilibrium using small random perturbations ⋮ Indeterminacy of stationary equilibrium in stochastic overlapping generations models ⋮ Growth, externalities, and sunspots ⋮ Speculation and price fluctuations with private, extrinsic signals ⋮ Sunspot-like effects of random endowments ⋮ Nominal price stickiness as a rational expectations equilibrium ⋮ Time and uncertainty in overlapping generations economies ⋮ Dynamics, cycles, and sunspot equilibria in `genuinely dynamic, fundamentally disaggregative' models of money. ⋮ Two-period cycles in a three-period overlapping generations model ⋮ Nominal exchange rate determination and dynamics in an OLG framework ⋮ Cycles and sunspots: The Poincaré-Hopf approach ⋮ A benchmark for comparative dynamics and determinacy in overlapping- generations economies

Cites Work

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• Extrinsic uncertainty revisited
• Self-fulfilling prophecies
• Sufficient conditions for the existence of sunspot equilibria
• Rational expectations in the overlapping generations model
• Markov rational expectations equilibria in an overlapping generations model
• The overlapping-generations model. I: The case of pure exchange without money
• The overlapping-generations model. II. The case of pure exchange with money
• Subjectivity and correlation in randomized strategies
• The role of money in supporting the Pareto optimality of competitive equilibrium in consumption-loan type models
• Sunspots and Cycles

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