postwar US macroeconomic data can be explained as the outcome of passive monetary policy, indeterminacy, and sunspot … windows and allowing the parameters to fall both in the determinacy and indeterminacy regions. The estimates reveal large … the sample. The results confirm that macroeconomic data in the early windows are better explained by indeterminacy, while …

indeterminate. After opening the borders, the rigid wage country may export indeterminacy to the full employment country …, particularly if it is big enough. In contrast, when the full employment country is sufficiently big, local indeterminacy, and … fluctuations (associated with local indeterminacy and bifurcations) are possible with smaller externalities, whatever the relative …

that exhibits local indeterminacy, we show that the introduction of a constant capital tax or subsidy can lead to various … equilibrium, while the true nonlinear model exhibits global indeterminacy. This result implies that stabilization policies … designed to suppress sunspot fluctuations near the steady state may not prevent sunspots, cycles, or chaos in regions away from …

that exhibits local indeterminacy, we show that the introduction of a constant capital tax or subsidy can lead to various … equilibrium, while the true nonlinear model exhibits global indeterminacy. This result implies that stabilization policies … designed to suppress sunspot fluctuations near the steady state may not prevent sunspots, cycles, or chaos in regions away from …

analytically sufficient conditions for the indeterminacy and to find specific parameter values producing the indeterminate steady …

This paper demonstrates the existence of a finite set of equilibria in the case of the indeterminacy of linear rational … eigenvectors related to stable eigenvalues. A finite set of equilibria is a substitute to continuous (uncountable) sets of sunspots …