Strategic Complementarity in Business Formation: Aggregate Fluctuations and Sunspot Equilibria
在两部门世代交叠模型中引入企业进入，发现若潜在进入者在生产中寡头竞争、在消费中完全竞争，则跨部门跨时期的进入决策会产生战略互补性；互补性足够强时经济存在多个帕累托排序的稳态，太阳黑子均衡可解释总体波动。
The possibility of sunspot equilibria and endogenous cycles are explored in a two-sector overlapping-generations model with entry. It is shown that if prospective entrants act oligopolistically as producers but competitively as consumers then a strategic complementarity between the entry decisions of agents across sectors and across time may arise. If the complementarity is sufficiently strong, the economy will have multiple, Pareto-ranked steady states. Stationary sunspot equilibria can then be constructed as a randomization between allocations in the neighbourhood of the multiple steady states providing a source of aggregate fluctuations.