Sunspot equilibria in a monetary real business cycle model
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Sunspot equilibria in a monetary real business cycle model. / Heinemann, Maik; Marchlewitz, Gilbert.
In: Economics Letters, Vol. 53, No. 3, 01.12.1996, p. 305-310.Research output: Journal contributions › Journal articles › Research › peer-review
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TY - JOUR
T1 - Sunspot equilibria in a monetary real business cycle model
AU - Heinemann, Maik
AU - Marchlewitz, Gilbert
PY - 1996/12/1
Y1 - 1996/12/1
N2 - In this paper a modification of the cash-in-advance real business cycle model is introduced in which the possibility of any credit contract is excluded. We show that for some parameter settings the model displays familiar saddle-point stability whereas for other constellations the steady state is a sink. In those cases, sunspot solutions are obtained.
AB - In this paper a modification of the cash-in-advance real business cycle model is introduced in which the possibility of any credit contract is excluded. We show that for some parameter settings the model displays familiar saddle-point stability whereas for other constellations the steady state is a sink. In those cases, sunspot solutions are obtained.
KW - Real business cycles
KW - Sunspots
KW - Economics
UR - http://www.scopus.com/inward/record.url?scp=0030299460&partnerID=8YFLogxK
U2 - 10.1016/s0165-1765(96)00934-2
DO - 10.1016/s0165-1765(96)00934-2
M3 - Journal articles
VL - 53
SP - 305
EP - 310
JO - Economics Letters
JF - Economics Letters
SN - 0165-1765
IS - 3
ER -