@techreport{Harrison2002sunspot,
abstract = {We apply a dynamic general equilibrium model to the period of the Great Depression. In particular, we examine a modification of the real business cycle model in which the possibility of indeterminacy of equilibria arises. In other words, agents' self-fulfilling expectations can serve as a primary impulse behind fluctuations. We find that the model, driven only by these measured sunspot shocks, can explain well the entire Depression era. That is, the decline from 1929-1932, the subsequent slow recovery, and the recession that occurred in 1937-1938.},
address = {Berlin},
author = {Sharon G. Harrison and Mark Weder},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {E32; N12; 330; Great Depression; Sunspots; Dynamic General Equilibrium},
language = {eng},
note = {urn:nbn:de:kobv:11-10048937},
number = {2002,35},
publisher = {Humboldt-Universit\"{a}t},
title = {Did sunspot cause the Great Depression?},
type = {Discussion Papers, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes},
url = {http://hdl.handle.net/10419/65334},
year = {2002}
}
