STATIONARY SUNSPOT EQUILIBRIUM IN A CASH-IN-ADVANCE ECONOMY

被引：1

作者：

HUO, TM

机构：

来源：

JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 1995年 / 19卷 / 04期

关键词：

MONEY; SUNSPOTS; CASH-IN-ADVANCE;

D O I：

10.1016/0165-1889(94)00806-S

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper we demonstrate the existence and uniqueness of a class of stationary sunspot equilibria in the cash-in-advance economy of Lucas and Stokey. Sunspots affect not only the price of money but prices of productive assets. Assets' prices may fluctuate forever below their market fundamentals.

引用

页码：831 / 843

页数：13

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