Sunspot equilibria and the transfer paradox
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- Discussion papers (FOR) 
We show that for international economies with two countries, in which agents have additively separable utility functions, the existence of sunspot equilibria is equivalent to the occurrence of the transfer paradox. This equivalence enables us to provide some new insights on the relation of the existence of sunspot equilibria and the multiplicity of spot market equilibria.
UtgiverNorwegian School of Economics and Business Administration. Department of Finance and Management Science