کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
966347 930953 2006 19 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Global sunspots in OLG models
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Global sunspots in OLG models
چکیده انگلیسی
This paper discusses sunspots equilibria in a context that is general in the sense that: (i) the evolution of the system takes place in a general state space (i.e., a space which is not necessarily finite or even countable); and (ii) the orbits of the unperturbed, deterministic component of the system converge to subsets of the state space which can be more complicated than a stationary state or a periodic orbit, i.e., they can be aperiodic or chaotic. This problem is represented mathematically as a system of stochastic difference equations the invariant probability distributions of which correspond to stationary sunspots equilibria. The conditions for stochastic stability are recalled and the theoretical results are applied to a model of overlapping generations with individuals living three periods. A computational analysis of this model is provided, covering the basic different cases suggested by the theory.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Macroeconomics - Volume 28, Issue 1, March 2006, Pages 27-45
نویسندگان
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