form contains parameter regions in which sunspots are stable under learning. However, for parameters restricted to those …We examine stability under learning of sunspot equilibria in Real Business Cycle type models with indeterminacies. Our … generated by standard models of indeterminacy, we find, under one information assumption, that no stable sunspots exist, and …

parameter regions in which these sunspots are stable under learning. However, once the parameters are restricted to coincide … many Real Business Cycle type models. We show how to obtain new representations of sunspots and find that there are … sunspots exist, and under another information assumption, that they exist only for a very small part of the indeterminacy …

how stock price booms and busts relate to the real side of the economy. It evaluates the 'speculative' (sunspots) and …, expectations shocks are estimated to perfectly match the historical path of the Nikkei stock market average. Simulation results …

interest rate rule, raising the possibility of inefficient fluctuations due to the dependence of expectations on extraneous … 'sunspots'. Separately, recent work by a number of authors has shown that sunspot equilibria previously thought to be unstable … under private agent learning can in some cases be stable when the observed sunspot has a suitable time series structure. In …

interest rate rule, raising the possibility of inefficient fluctuations due to the dependence of expectations on extraneous … sunspots . Separately, recent work by a number of authors has shown that sunspot equilibria previously thought to be unstable … under private agent learning can in some cases be stable when the observed sunspot has a suitable time series structure. In …

In this article, we investigate the possibility of sunspot equilibria to emerge from a process of learning and … adaptation on agents’ beliefs. We consider both finite state Markov sunspots and sunspots in autoregressive form, and derive …

potential dependence on extraneous "sunspots," for some structural and policy parameters. We investigate the stability of these … solutions under adaptive learning, focusing on "common factor" or "resonant frequency" representations in which the observed …

interest rate rule, raising the possibility of inefficient fluctuations due to the dependence of expectations on extraneous … “sunspots ”. Separately, recent work by a number of authors has shown that sunspot equilibria previously thought to be unstable … under private agent learning can in some cases be stable when the observed sunspot has a suitable time series structure. In …