Branch, William A.; McGough, Bruce; Zhu, Mei - In: Theoretical economics : TE ; an open access journal in … 17 (2022) 1, pp. 291-329
and sunspots by establishing the existence of "statistical sunspots" in models that have a unique rational expectations … factors (e.g., sunspots, judgment, expectations shocks, etc.). In equilibrium, agents attribute, in a self‐fulfilling way …, some of the serial correlation observed in data to extrinsic noise, i.e., statistical sunspots. This leads to sunspot …
