Growth cycles with or without price flexibility

Arbeitspapier

This note - written in response to von Arnim and Barrales (2015) - shows that (i) the Kaldor-Goodwin models in Skott (1989a, 1989b) and Skott and Zipperer (2012) provide good approximations to models with fast but finite adjustment of prices, (ii) the models can generate cyclical patterns that match the stylized facts, and (iii) an alternative model with instantaneous output adjustment and fixed prices produces a dynamic system that is virtually identical to the Kaldor-Goodwin; this model may describe parts of the service sector

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Paper ; No. 2015-03

Classification and Topics

• Classification: Wirtschaft ; General Aggregative Models: Keynes; Keynesian; Post-Keynesian ; Business Fluctuations; Cycles
• Subject: Endogenous cycles ; Harrodian instability ; price flexibility ; rationing ; labor hoarding ; behavioral foundations

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Skott, Peter
• Event: Veröffentlichung
• (who): University of Massachusetts, Department of Economics
• (where): Amherst, MA
• (when): 2015

Further information

• Handle: http://hdl.handle.net/10419/145412
• Last update: 10.03.2025, 11:41 AM CET