Sunspot Fluctuations Around a Steady State: The Case of Multidimensional One-Step Forward Looking Economic Models
研究一般n维一步前瞻经济模型中稳态附近是否存在平稳太阳黑子均衡，证明当稳态在确定性动力学中不确定时，其任意邻域内存在有限阶太阳黑子均衡的连续统，并利用分岔理论刻画了随机过程特征。
The paper investigates the existence of stationary sunspot equilibria (SSE) in the vicinity of a steady state in a general, one-step forward looking economic model of dimension n. It is shown that, whenever the steady state is indeterminate, for the associated deterministic dynamics-i.e., there exists a continuum of perfect foresight paths converging to the steady state-then there exists a continuum of SSE of finite order in any neighborhood of the steady state. The proof relies upon bifurcation theory; it provides a characterization of the random processes for which SSE may appear and a description of the location of the support of the SSE close to the bifurcation. The results apply in particular to linear models.