| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3438 |
| 来源ID | Working Paper 3438 |
| Participation Dynamics: Sunspots and Cycles | |
| Satyajit Chatterjee; Russell Cooper; B. Ravikumar | |
| 发表日期 | 1990-09-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | This paper investigates the possibility of sunspots equilibria and endogenous cycles in an overlapping generations model with strategic interactions. We consider an economy with imperfectly competitive product markets. There is a participation decision on the part of prospective firms and a strategic complementarity emerges from the interaction of firms in their entry decisions both over time and across sectors. When these complementarities are sufficiently strong, multiple steady state equilibria will exist. Sunspot equilibria can then be constructed as randomizations in the neighborhood of these steady states. We relate the properties of our sunspot equilibria to aggregate fluctuations, with particular emphasis on the dynamics of entry and exit. We also show that if intratemporal strategic interactions are sufficiently strong, then cycles may exist. Additional sunspot equilibria can be found in the neighborhood of these cycles. Finally, we show that if inter temporal linkages are sufficiently strong, cycles will not exist. |
| 主题 | Other ; Macroeconomics |
| URL | https://www.nber.org/papers/w3438 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560730 |
| 推荐引用方式 GB/T 7714 | Satyajit Chatterjee,Russell Cooper,B. Ravikumar. Participation Dynamics: Sunspots and Cycles. 1990. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3438.pdf（312KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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