The paper analyses the robustness of the conclusions previously obtained showing that, in a simple three-goods model, the success of "eductive" expectational coordination relates with low supply elasticity, high demand elasticity, and high marginal propensity to consume (or high "elementary...

This paper is concerned with the subject of how the three main approaches to model aggregate fluctuations are related. That is, we are interested in the relation between real business cycle models, endogenous business cycle models and sunspot equilibria models. It is shown that there exists an...

Complicated (chaotic), global, expectations-driven business cycles in two-dimensional models have been shown to involve non-trivial intersections of stable and unstable manifolds of a (periodic) saddle steady state. Whether similar phenomena may occur in other two-dimensional dynamic economic...

In parliamentary demacracies, fiscal policies may be threatened by the unexpected termination of government tenure or by strong budget procedures. Our model implies that electoral rule and the type of the budgetary process help explain some of the striking differences observed in public finance...