منابع مشابه
Sunspots and Temperatures
Power spectrum analyses of temperature series at New York City (1822-1956), the Netherlands (1735-1944), and central England (1698-1955) show that the only significant energy in these spectrums appears at the annual period of 12 months. No significant energy was found corresponding to any known sunspot periodicity. Correlation coefficients between January and July temperatures for the years of ...
متن کاملSunspots, correlation and competition
Correlated equilibria in strategic market games played, simultaneously, by “overlapping generations” of players correspond to sunspot equilibria in the associated, competitive economy. The lower the degree of competition, the larger the range of parameters that allow for effective correlation or endogenous stochastic fluctuations.
متن کاملImperfect Competition and Sunspots
This paper shows that imperfect competition can be a rich source of sunspots equilibria and coordination failures. This is demonstrated in a dynamic general equilibrium model that has no major distortions except imperfect competition. In the absence of fundamental shocks, the model has a unique certainty (fundamental) equilibrium. But there is also a continuum of stochastic (sunspots) equilibri...
متن کاملSunspots and Credit Frictions
We examine a general equilibrium model with collateral constraints and increasing returns to scale in production. The utility function is nonseparable, with no income e¤ect on the consumers choice of leisure. Unlike this model without a collateral constraint, we nd that indeterminacy of equilibria is possible. Hence, business cycles can be driven by self-ful lling expectations. This is the ca...
متن کاملSunspots and Multiplicity
This paper proves that, in a general financial model with incomplete markets, the multiplicity of certainty equilibria is not necessary for the existence of sunspot effects. These effects are present, by definition, when real economic variables differ across realizations of extrinsic uncertainty. In a financial model of incomplete markets with identical payouts across realizations of extrinsic ...
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ژورنال
عنوان ژورنال: Nature
سال: 1902
ISSN: 0028-0836,1476-4687
DOI: 10.1038/066320c0