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Sunspots do matter: a simple disproof of Mas-Colell

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  • Marco Huesch

    (UCLA Anderson School of Management)

Abstract

Mas-Colell conjectured that, for economies admitting a unique deterministic equilibrium, sunspot equilibria that 'matter'' would not exist. I prove an abundance of such equilibria using simple linear algebra.

Suggested Citation

  • Marco Huesch, 2008. "Sunspots do matter: a simple disproof of Mas-Colell," Economics Bulletin, AccessEcon, vol. 5(19), pages 1-20.
    • Handle: RePEc:ebl:ecbull:eb-06e00010
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    Keywords

    Animal Spirits;

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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