Indeterminacy and Sunspots with Constant Returns
证明在多部门模型中，即使规模报酬不变且市场不完全性很小，也能产生不确定性，这与需要递增报酬的模型不同；并用美国数据校准了含太阳黑子的模型，匹配了消费、投资、产出和就业的矩。
We show that indeterminacy can easily arise in multisector models that have constant variable returns to scale and very small market imperfections. This is in sharp contrast to models that require increasing returns to generate indeterminacy and which have been criticized on the basis of recent empirical estimates indicating that returns to scale are roughly constant and that market imperfections are small. We also show that we can calibrate our constant returns model with sunspots, using standard parametrizations to produce a close match to the moments of aggregate consumption, investment, output, and employment in US data.Journal of Economic LiteratureClassification Numbers: E00, E3, O40.