Eksempler på sunspot

• 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.

• The existence of the sunspot equilibria so defined provides a clear method for defining bubbles.

• Each of these is by itself a source of sunspot equilibria, but my intuition was initially driven by the double infinity and bubbles.

• One good friend, a distinguished macroeconomist, wrote to try to persuade me to give up sunspots on grounds of their unpopularity.

• One of these structures is driven by fundamentals alone; the other is driven in part by nonfundamental "sunspot" shocks.

• This model has become a workhorse for much of the subsequent sunspot literature.

• Because this value can always vary with the realization of a sunspot variable, consumption is made excessively volatile.

• Since sunspots change the potential payoff of the agents engaged in bargaining, they affect the final quantities traded in monetary exchanges.