![Sunspots in a cash-in-advance model: A quantitative assessment [An article from: Journal of Macroeconomics]](http://ecx.images-amazon.com/images/I/515MBAN104L._SL500_AA240_.jpg)
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This digital document is a journal article from Journal of Macroeconomics, published by Elsevier in 2007. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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Does consideration of sunspot equilibria in the cash-in-advance model help the model match key features in the US macroeconomic data? One can use the cash-in-advance model to generate predictions of macro time series via an equilibrium of the model. However, when restricted to minimum state variable stationary rational expectations equilibria, the model's predictions do not match the data well. There is a large a growing literature that demonstrates that this model may exhibit a much larger class of equilibria including stationary sunspot equilibria. Does expanding the predictive content of the CIA model by considering this larger set of equilibria help the model match the US data? In this paper, sunspot equilibria under both a money growth rule and an interest rate feedback rule are quantitatively explored to answer this question.
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