|
| |
| Marco Huesch |
| |
| ''Sunspots do matter: a simple disproof of Mas-Colell'' |
| ( 2008, Vol. 5 No.19 ) |
| |
| |
| Mas-Colell conjectured that, for economies admitting a unique deterministic equilibrium, sunspot equilibria that 'matter'' would not exist. I prove an abundance of such equilibria using simple linear algebra. |
| |
| |
| Keywords: Animal Spirits |
JEL:
E3 - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) |
| |
| Manuscript Received : Jun 24 2008 | | Manuscript Accepted : Jul 03 2008 |
|
