Sunspot fluctuations ulnder zero nominal interest rates

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4 Citations (Scopus)


We empirically examine to what extent self-fulfilling expectations, i.e. sunspots, affected macroeconomic fluctuations in Japan under the zero interest rate policy. According to our Bayesian estimation results, sunspots had substantial effects on both output and inflation.

Original languageEnglish
Pages (from-to)39-45
Number of pages7
JournalEconomics Letters
Issue number1
Publication statusPublished - 2007 Oct
Externally publishedYes


  • Bayesian analysis
  • Indeterminacy
  • Sunspots
  • Zero interest rates

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics


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