Animal Spirits in Cash-in-Advance Economies
نویسندگان
چکیده
The empirical relevance of indeterminacy and sunspot fluctuations has been often questioned on the basis of the implausibly high degrees of increasing returns to scale or unconventional calibrations for the fundamentals required. In this paper we study a one-sector economy with partial cash-in-advance constraint on consumption expenditures, and show how such phenomena are by contrast quite pervasive: They appear for arbitrarily small amplitudes of the liquidity constraint, whatever the specification for the fundamentals is. At the same time we asses the cyclical properties of the model by allowing simultaneously technological and beliefs disturbances and observe that it performs as well as other indeterminate models. ∗We are grateful to Guido Cazzavillan, Jean-Michel Grandmont, Marco Maffezzoli and Alain Venditti for very helpful comments and suggestions. We wish to thank participants to SET 2002 and ESEM 2002 in Venice, T2M 2002 in Evry, and Journée DELTA. Any remaining errors are our own. †Corresponding author. Maître de Conférences, EPEE, Département d’Economie, Université d’Evry Val d’Essonne, 4, Bd F. Mitterrand, 91025 Evry Cedex, France. Tel: 00 33 1 69 47 70 52, fax: 00 33 1 69 47 70 50. E-mail: [email protected]
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تاریخ انتشار 2006