Sticky Prices and Indeterminacy
分析价格刚性如何影响经济中的不确定性，发现在现金先行经济中，价格粘性会缩小太阳黑子均衡的范围，需要极高的风险厌恶程度才能出现不确定性，这与数据不符。
The aim of this paper is to analyze the link between price rigidity and indeterminacy. This is done within a cash‐in‐advance economy that is known to exhibit indeterminacy at high degrees of relative risk aversion. My findings show that price stickiness reduces the scope of these sunspot equilibria: to be compatible with indeterminacy, sluggish price adjustment requires degrees of relative risk aversion that prove too high to square with data.