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Sunspot Cycles

Author

Listed:
  • Julio Davila

    (CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper shows new properties about the equilibria of a stationary OG economy by establishing a connection between its stationary equilibria and those of a finite economy, with and without extrinsic uncertainty. Specifically, it shows the countability and local uniqueness with respect to the sup metric of the so-called sunspot cycles introduced here, that encompass both the deterministic cycles and the usual finite Markovian stationary sunspot equilibria. These sunspot cycles are, moreover, able to generate, at a lower cost in terms of assumptions than other sunspot equilibria, time series with the recurrent but irregular fluctuations typical of economic time series.

Suggested Citation

  • Julio Davila, 2003. "Sunspot Cycles," Post-Print halshs-00286026, HAL.
    • Handle: RePEc:hal:journl:halshs-00286026
    DOI: 10.1007/s00199-002-0274-y
    as

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    Other versions of this item:

    • Julio Dávila, 2003. "Sunspot cycles," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 22(1), pages 169-192, August.

    More about this item

    Keywords

    overlapping generations; sunspots; cycles;
    All these keywords.

    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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