However, this comes at the cost of weakening the ability of sunspot models to explain fluctuations along some dimensions.
This can produce multiple equilibria and open the door to sunspot fluctuations.
The examples of sunspot equilibria that were known at the time were highly stylized and involved, for example, only a finite number of random states.
The stationary sunspot equilibria of a simple overlapping generations economy with heterogeneous agents are considered.
Indeterminacy and the sunspot do not increase these statistics and therefore do not alleviate the severity of the equity premium and other financial puzzles.
In particular, we were unable to connect sunspot ideas with everyday events in financial markets, like excessive volatility in exchange rates and asset prices.
Furthermore, we restrict attention to a time-invariant linear sunspot function.
In this economy, agents use the sunspot signal observed at the beginning of the current period to form expectations on next-period prices only.
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