Ergodic chaos, learning and sunspot equilibrium

In this paper we construct sunspot equilibria that arise from chaotic deter ministic dynamics. These equilibria are stationary and have absolutely cont inuous stationary measures. We prove that they can be learned by a simple r ule based on the histograms of past state variables. This work gives a theo retical justification for complex deterministic models that might compete w ith stochastic models to explain real data. Also we prove the stochastic st ability of the indeterminate equilibrium. JEL Classification Numbers: C61, E32.