Frisch’s Macro-Dynamics: Inner Stability and External Impulses

Michaël Assous and Vincent Carret
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Vincent Carret: Université Lumière Lyon 2

Chapter Chapter 4 in Modeling Economic Instability, 2022, pp 55-86 from Springer

Abstract: Abstract We have seen that HamburgerHamburger, Ludwig was criticized by FrischFrisch, Ragnar for failing to build a real model of the economy; he stayed mostly within the confine of one equation whose movements he examined as a possible explanation for the observed movements of business cyclesBusiness cyclefluctuation. Although FrischFrisch, Ragnar recognized the potential in this approach, he did not pursue it himself and eventually he proposed to study business cyclesBusiness cycletheory through two separate pieces: the propagationPropagation mechanism, a linear, deterministic trajectory and the impulses to which the system is subject.

Date: 2022
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DOI: 10.1007/978-3-030-90310-7_4

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