Price Level Volatility: A Simple Model of Money Taxes and Sunspots
在一个静态单商品模型中研究太阳黑子均衡，其中税收和转移支付以货币单位计价，经济波动纯粹由价格水平不确定性引起。作者构造了非随机化的太阳黑子均衡例子，并指出证券市场的完美会消除配置不确定性但加剧价格水平波动。
We investigate sunspot equilibria in a static, one-commodity model with taxes and transfers denominated in money units. Volatility in this economy is purely monetary, since the only uncertainty is about the price level. We construct simple, robust examples of sunspot equilibria that arenotmere randomizations over certainty equilibria. We also identify the source of these SSEs: Equilibrium in the securities market is determinedas ifthere were no restricted consumers and the unrestricted consumers faceintrinsicuncertainty. Perfect securities markets eliminate allocation uncertainty, but they exacerbate price-level volatility.Journal of Economic LiteratureClassification Numbers: D50, D52, D84, E31, E62.