Competitive Nonlinear Business Cycles - II
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Daniel H. Newlon', 'PO_EMAI': None, 'PO_PHON': None}
Recent works have shown that the presence of multiple equilibria                is a very pervasive phenomenon for dynamic economic models.  This               project attempts to solve the puzzles implied by the occurrence                 of multiple equilibria by studying the interaction between the                  fundamental characteristics of the economy and the traders' given               learning process.  The ultimate aim is to discover whether long                 run equilibria that are stable for a large class of plausible                   learning processes, are in fact characterized by a few simple,                  universal characteristics of the economy.                                                                                                                       The project also continues the development of the theory of                     business cycles, or more precisely the conditions of the                        occurrence of so-called sunspot equilibria.  Sunspot equilibria                 occur when the beliefs of economic agents about the economy                     become self-fulfilling.  For example, if economic agents believe                that changes in the sunspots affect the economy, then the                       economic performance will correlate with changes in sunspots                    although sunspots don't directly affect the economy.  Current                   research on "sunspot" equilibria and business cycles has focussed               primarily on competitive economies.  The basic mechanism to                     generate fluctuations are interest rate or wage shocks to the                   economy.  This project investigates the conditions under which                  such business cycles arise when one introduces noncompetitive                   features in product markets (e.g. Cournot oligopolies) and in the               labor market (e.g. efficiency wages or implicit contracts).                     Current research suggests that money shocks will only affect the                rate of inflation and not the real economy.  This project                       attempts to show that the same conditions that lead to sunspot                  equilibria also imply that proportional changes in money supply                 will affect the real economy.  The preliminary results will be                  generalized and economies with imperfect information will be                    studied.
{'FirstName': 'Mordecai', 'LastName': 'Kurz', 'PI_MID_INIT': None, 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Mordecai Kurz', 'EmailAddress': '4157232220', 'NSF_ID': '000116823', 'StartDate': '07/01/1988', 'EndDate': None, 'RoleCode': 'Principal Investigator'}
{'Name': 'Stanford University', 'CityName': 'STANFORD', 'ZipCode': '943052004', 'PhoneNumber': '6507232300', 'StreetAddress': '450 JANE STANFORD WAY', 'StreetAddress2': None, 'CountryName': 'United States', 'StateName': 'California', 'StateCode': 'CA', 'CONGRESSDISTRICT': '16', 'CONGRESS_DISTRICT_ORG': 'CA16', 'ORG_UEI_NUM': 'HJD6G4D6TJY5', 'ORG_LGL_BUS_NAME': 'THE LELAND STANFORD JUNIOR UNIVERSITY', 'ORG_PRNT_UEI_NUM': None}
{'Name': None, 'CityName': None, 'StateCode': None, 'ZipCode': None, 'StreetAddress': None, 'CountryCode': None, 'CountryName': None, 'StateName': None, 'CountryFlag': None, 'CONGRESSDISTRICT': None, 'CONGRESS_DISTRICT_PERF': '""'}
{'Code': '1320', 'Text': 'Economics'}
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1987&All=true', 'xml': '8721872.xml'}