Sunspot Equilibria in Infinite Horizon Competitive Economics

无限视野竞争经济学中的太阳黑子均衡

• 批准号: 8710219
• 负责人: Michael Woodford
• 金额: $ 5.26万
• 依托单位: University of Chicago
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 1987
• 资助国家: 美国
• 起止时间: 1987-08-01 至 1990-07-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=8710219&HistoricalAwards=false
• 关键词: Sunspot; Equilibria; Infinite; Horizon; Competitive

This project contributes to our understanding of the causes of macroeconomic instability. It investigates the conditions under which sunspot equilibria-- rational expectations equilibria in which the allocation of resources responds to random events of no intrinsic significance-- exist in a variety of infinite horizon competitive models. This is an important line of research because sunspot equilibria imply that agents' beliefs can be self-fulfilling and that competitive equilibria can be indeterminate and unstable. Although young, the investigator is considered one of the best researchers studying sunspot equilibria. He is capable of accomplishing the goals of this project. Issues to be addresed include the role of absence of contingent claims markets, the role of finite as opposed to infinite horizons over which agents optimize, and the role of restrictions upon borrowing against future income, in allowing sunspot equilibrium fluctuations to occur. Particular emphasis is given to models of interest to monetary theory-- overlapping generations models, cash-in-advance models, and models where money is held to smooth income fluctuations. Alternative monetary policy regimes are compared as to whether they allow endogenous fluctuations of this kind or not.

这个项目有助于我们了解 宏观经济不稳定。 它调查了 太阳黑子均衡--理性预期均衡 资源的分配响应于随机事件， 没有内在的意义--存在于各种无限的 横向竞争模型。 这是一条重要的路线， 因为太阳黑子均衡意味着代理人的信念 可以自我实现，竞争均衡可以 不确定和不稳定。 虽然年轻，但调查员 被认为是研究太阳黑子最好的研究人员之一 均衡 他有能力实现这个目标。 项目 需要解决的问题包括特遣队缺席的作用 债权市场，有限而非无限的作用 代理优化的范围，以及限制的作用 以未来收入为抵押借款时， 平衡的波动。 特别强调的 货币理论感兴趣的模型-- 代模型、预付款模型和 持有货币是为了平抑收入的波动。 替代 货币政策制度的比较，以他们是否允许 这种内在的波动。