. We show that in order to get indeterminacy, the presence of both aggregate and sector-specific external effects is needed … consumption. We perform a sensitivity analysis and show that indeterminacy emerges for parameter values in line with those used in …

subject sunspot fluctuations around this trap (i.e., local indeterminacy). When R&D spillovers are large, both the zero …

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 …

monetary policy and sunspots. The key distinction between the shocks lies in their relation to the realized policy shock. If … monetary policy is 'active', the sunspots are irrelevant, and the model responses to the news shocks are unique. In both cases …

monetary policy and sunspots. The key distinction between the shocks lies in their relation to the realized policy shock. If … monetary policy is 'active', the sunspots are irrelevant, and the model responses to the news shocks are unique. In both cases …