A non-linear Keynesian Goodwin-type endogenous model of the cycle: Bayesian evidence for the USA

Theodore Mariolis (), Konstantinos Konstantakis, Panayotis Michaelides and Mike Tsionas

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: This paper incorporates the so-called Bhaduri-Marglin accumulation function in Goodwin's original growth cycle model and econometrically estimates the proposed model for the case of the US economy in the time period 1960-2012, using a modern Bayesian sequential Monte Carlo method. Based on our findings, the US economy follows an exhilarationist regime throughout our investigation period with the sole exception of an underconsumption regime for the time period 1974-1978. In general, the results suggest that the proposed approach is an appropriate vehicle for expanding and improving traditional Goodwin-type models.

Keywords: Bayesian sequential Monte Carlo methods; Bhaduri-Marglin accumulation function; Goodwin type models; US economy (search for similar items in EconPapers)
JEL-codes: B51 C11 C62 E32 (search for similar items in EconPapers)
Pages: 16 pages
Date: 2019-02-01
New Economics Papers: this item is included in nep-his, nep-mac, nep-ore and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published in Studies in Nonlinear Dynamics and Econometrics, 1, February, 2019, 23(1). ISSN: 1081-1826

Downloads: (external link)
http://eprints.lse.ac.uk/100229/ Open access version. (application/pdf)

Related works:
Journal Article: A non-linear Keynesian Goodwin-type endogenous model of the cycle: Bayesian evidence for the USA (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:100229

Access Statistics for this paper

More papers in LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library LSE Library Portugal Street London, WC2A 2HD, U.K.. Contact information at EDIRC.
Bibliographic data for series maintained by LSERO Manager ().