| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 9549293 | Economics Letters | 2005 | 6 Pages |
Abstract
This paper shows that the local stability properties of dynamic general equilibrium macroeconomic models may depend on the length of a period in the model economy. This leads to the following paradoxical situation: The economy may be driven by sunspots for some decision frequencies, while sunspots can have no impact at other decision frequencies.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Thomas Hintermaier,