However, this comes at the cost of weakening the ability ofsunspotmodels to explain fluctuations along some dimensions.From theCambridge English Corpus
This can produce multiple equilibria and open the door tosunspotfluctuations.From theCambridge English Corpus
The examples ofsunspotequilibria that were known at the time were highly stylized and involved, for example, only a finite number of random states.From theCambridge English Corpus
Indeterminacy and thesunspotdo not increase these statistics and therefore do not alleviate the severity of the equity premium and other financial puzzles.From theCambridge English Corpus
In particular, we were unable to connectsunspotideas with everyday events in financial markets, like excessive volatility in exchange rates and asset prices.From theCambridge English Corpus
Furthermore, we restrict attention to a time-invariant linearsunspotfunction.From theCambridge English Corpus
In this economy, agents use thesunspotsignal observed at the beginning of the current period to form expectations on next-period prices only.From theCambridge English Corpus
The existence of thesunspotequilibria so defined provides a clear method for defining bubbles.From theCambridge English Corpus
Each of these is by itself a source ofsunspotequilibria, but my intuition was initially driven by the double infinity and bubbles.From theCambridge English Corpus
One good friend, a distinguished macroeconomist, wrote to try to persuade me to give up sunspots on grounds of their unpopularity.From theCambridge English Corpus
One of these structures is driven by fundamentals alone; the other is driven in part by nonfundamental "sunspot" shocks.From theCambridge English Corpus
This model has become a workhorse for much of the subsequentsunspotliterature.From theCambridge English Corpus
Because this value can always vary with the realization of asunspotvariable, consumption is made excessively volatile.From theCambridge English Corpus
Since sunspots change the potential payoff of the agents engaged in bargaining, they affect the final quantities traded in monetary exchanges.From theCambridge English Corpus
It argues that financial constraints provide a propagation mechanism able to generate business cycle facts observed in data in response tosunspotshocks.From theCambridge English Corpus
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