Growth Cycles with or without price flexibility

Peter Skott ()
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Peter Skott: The University of Massachusetts at Amherst

No 2015-03, UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics

Abstract: 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.

Keywords: Endogenous cycles; Harrodian instability; price ?exibility; rationing; labor hoarding; behavioral foundations. (search for similar items in EconPapers)
JEL-codes: E12 E32 (search for similar items in EconPapers)
Date: 2015
New Economics Papers: this item is included in nep-mac, nep-mfd and nep-pke
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Citations: View citations in EconPapers (5)

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Journal Article: Growth cycles with or without price flexibility (2015)
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