Sunspots (economics) Definition
In economics, sunspots (sometimes a sunspot) usually refers to an extrinsic random variable, that is, a random variable that does not directly effect economic fundamentals (endowments, preferences, and technology). “Sunspots” can also refer to the related concept of extrinsic uncertainty, economic uncertainty that does not come from variations in economic fundamentals.
Sunspots have been used in economic models in a number of subfields of economics, including asset pricing, bank runs, business cycles, economic growth, and monetary policy.