Arbeitspapier
Growth cycles with or without price flexibility
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
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2015-03
- Klassifikation
-
Wirtschaft
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Business Fluctuations; Cycles
- Thema
-
Endogenous cycles
Harrodian instability
price flexibility
rationing
labor hoarding
behavioral foundations
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Skott, Peter
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Massachusetts, Department of Economics
- (wo)
-
Amherst, MA
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Skott, Peter
- University of Massachusetts, Department of Economics
Entstanden
- 2015