论文信息 - Stationary sunspot equilibria in a finance constrained economy

Stationary sunspot equilibria in a finance constrained economy

Abstract Stationary sunspot equilibria are shown to exist in a production economy with infinite lived agents, when it is not possible to borrow against future wage income. Equilibrium fluctuations exhibit persistence over time scales of the same order of magnitude as observed “business cycles.” An active fiscal policy that stabilizes aggregate money expenditures can prevent such fluctuations.

Michael Woodford | M. Woodford

[1] J. Grandmont,et al. Stabilizing competitive business cycles , 1986 .

[2] Costas Azariadis,et al. Self-fulfilling prophecies , 1981 .

[3] David K. Levine,et al. Comparative Statics and Perfect Foresight in Infinite Horizon Economies , 1985 .

[4] Dynamic Implications of the Form of the Budget Constraint , 1986 .

[5] Finn E. Kydland,et al. A Competitive Theory of Fluctuations and the Feasibility and Desirability of Stabilization Policy , 1980 .

[6] K. Parthasarathy,et al. Probability measures on metric spaces , 1967 .

[7] Pietro Reichlin,et al. Equilibrium cycles in an overlapping generations economy with production , 1986 .

[8] R. Farmer. Deficits and Cycles , 1986 .

[9] Karl Shell,et al. Do Sunspots Matter? , 1983, Journal of Political Economy.

[10] Roger Guesnerie,et al. Stationary sunspot equilibria in an N commodity world , 1986 .