Sunspot Equilibria in Infinite Horizon Competitive          Economics
{'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}
This project contributes to our understanding of the causes of                  macroeconomic instability.  It investigates the conditions under                which sunspot equilibria-- rational expectations equilibria in                  which the allocation of resources responds to random events of                  no intrinsic significance-- exist in a variety of infinite                      horizon competitive models.  This is an important line of                       research because sunspot equilibria imply that agents' beliefs                  can be self-fulfilling and that competitive equilibria can be                   indeterminate and unstable.  Although young, the investigator is                considered one of the best researchers studying sunspot                         equilibria.  He is capable of accomplishing the goals of this                   project.                                                                                                                                                        Issues to be addresed include the role of absence of contingent                 claims markets, the role of finite as opposed to infinite                       horizons over which agents optimize, and the role of restrictions               upon borrowing against future income, in allowing sunspot                       equilibrium fluctuations to occur.  Particular emphasis is given                to models of interest to monetary theory-- overlapping                          generations models, cash-in-advance models, and models where                    money is held to smooth income fluctuations.  Alternative                       monetary policy regimes are compared as to whether they allow                   endogenous fluctuations of this kind or not.
{'FirstName': 'Michael', 'LastName': 'Woodford', 'PI_MID_INIT': None, 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Michael Woodford', 'EmailAddress': 'michael.woodford@columbia.edu', 'NSF_ID': '000285591', 'StartDate': '08/01/1987', 'EndDate': None, 'RoleCode': 'Principal Investigator'}
{'Name': 'University of Chicago', 'CityName': 'CHICAGO', 'ZipCode': '606375418', 'PhoneNumber': '7737028669', 'StreetAddress': '5801 S ELLIS AVE', 'StreetAddress2': None, 'CountryName': 'United States', 'StateName': 'Illinois', 'StateCode': 'IL', 'CONGRESSDISTRICT': '01', 'CONGRESS_DISTRICT_ORG': 'IL01', 'ORG_UEI_NUM': 'ZUE9HKT2CLC9', 'ORG_LGL_BUS_NAME': 'UNIVERSITY OF CHICAGO', 'ORG_PRNT_UEI_NUM': 'ZUE9HKT2CLC9'}
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{'Code': '1320', 'Text': 'Economics'}
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1987&All=true', 'xml': '8710219.xml'}