Fulltext

Sunspot equilibria and the transfer paradox

Hens, Thorsten ; Pilgrim, Beate

In: Economic Theory, 2004, vol. 24, no. 3, p. 583-602

Ajouter à la liste personnelle
    Titre
    • Sunspot equilibria and the transfer paradox
    Auteur
    • Hens, Thorsten. IEW, Department of Economics, University of Zürich, Switzerland
    • Pilgrim, Beate. Reuters AG, 60314, Frankfurt, Germany
    Type de document
    • Postprint
    Identifiant OAI-PMH
    • oai:doc.rero.ch:317141
    Summary
    Summary.: We show that for international economies with two countries, in which agents have additively separable utility functions, the existence of sunspot equilibria is equivalent to the occurrence of the transfer paradox. This equivalence enables us to provide some new insights on the relation of the existence of sunspot equilibria and the multiplicity of spot market equilibria