Research Paper Sunspot-Driven Business Cycles: An Overview

Mino, Kazuo

973pp.1 - 47 , 2017-06 , Institute of Economic Research, Kyoto University
Description
This paper reviews the real the real business cycle models that display equilibrium indeterminacy. We rst summarize the main ndings in the seminal contributions by Benhabib and Farmer (1994) and Farmer and Guo (1994). We then discuss the relevant extinctions of the baseline model explored in the last two decades. We also refer to the recent development in the eld after the global nancial crisis of 2007-2008.
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http://repository.kulib.kyoto-u.ac.jp/dspace/bitstream/2433/226994/1/DP973.pdf

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