Stationary sunspot equilibria in a finance constrained economy Export

@article{citeulike:949882, abstract = {Stationary sunspot equilibria are shown to exist in a production economy with infinite lived agents, when it is not possible to borrow against future wage income. Equilibrium fluctuations exhibit persistence over time scales of the same order of magnitude as observed "business cycles." An active fiscal policy that stabilizes aggregate money expenditures can prevent such fluctuations.}, author = {Woodford, Michael}, citeulike-article-id = {949882}, citeulike-linkout-0 = {http://dx.doi.org/10.1016/0022-0531(86)90011-6}, citeulike-linkout-1 = {http://www.sciencedirect.com/science/article/B6WJ3-4CYGF20-1CV/2/8f6b05ceb098dfc2c032ca491c02c525}, doi = {10.1016/0022-0531(86)90011-6}, journal = {Journal of Economic Theory}, keywords = {411-1}, month = {October}, number = {1}, pages = {128--137}, posted-at = {2006-11-17 07:38:22}, priority = {2}, title = {Stationary sunspot equilibria in a finance constrained economy}, url = {http://dx.doi.org/10.1016/0022-0531(86)90011-6}, volume = {40}, year = {1986} }

TY - JOUR ID - citeulike:949882 L3 - citeulike-article-id:949882 N2 - Stationary sunspot equilibria are shown to exist in a production economy with infinite lived agents, when it is not possible to borrow against future wage income. Equilibrium fluctuations exhibit persistence over time scales of the same order of magnitude as observed "business cycles." An active fiscal policy that stabilizes aggregate money expenditures can prevent such fluctuations. IS - 1 JF - Journal of Economic Theory EP - 137 TI - Stationary sunspot equilibria in a finance constrained economy VL - 40 SP - 128 KW - 411-1 AU - Woodford, Michael PY - 1986/10// UR - http://dx.doi.org/10.1016/0022-0531(86)90011-6 ER -