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Sunspot Fluctuations on the Growth Rates

This paper analyses an example of nonstationary stochastic endogenous fluctuations. It studies the existence of Markovian sunspot equilibria on the rates of growth in a linear one step forward looking economy with one predetermined variable. It is shown that asymptotically stable stochastic fluctuations arise in the neighborhood of a steady state, even if it is determinate in the perfect foresight dynamics.
Year of publication:
1998
Authors: Gauthier, S. ; Desgranges, G.
Institutions: Département et Laboratoire d'Économie Théorique Appliquée (DELTA), École Normale Supérieure (ENS Paris)
Subject: ECONOMIC GROWTH | ECONOMIC EQUILIBRIUM
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Type of publication: Book / Working Paper
Notes:
18 pages
Classification: E32 - Business Fluctuations; Cycles
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Persistent link: https://www.econbiz.de/10005256783
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