Sunspot equilibria and incomplete financial markets
研究两期纯交换竞争经济中，不完全金融市场和名义资产在第二期存在外在不确定性时的均衡配置，发现均衡集包含一族不同配置，且除有限奇数个外均为低效的太阳黑子配置。
This paper analyzes the equilibrium allocations of a two-period, pure exchange competitive economy with incomplete financial markets, nominal assets and ‘extrinsic’ uncertainty in the second period. Under standard assumptions, the equilibrium allocation set contains a one-parameter family of distinct allocations. Moreover, all but a finite (and odd) number of them are inefficient, sunspot allocations.