The macroeconomics of Trygve Haavelmo

Andre Anundsen (), Ragnar Nymoen (), Tord S. Krogh and Jon Vislie
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Tord S. Krogh: Department of Economics, University of Oslo, Norway

Nordic Journal of Political Economy, 2012, vol. 37, 2

Abstract: Haavelmo’s “A study in the theory of investment” from 1960 is a tour de force in macroeconomic theorising. His later offerings in this area are less known outside Norway. In this paper, we present his models of business cycles (crises) and inflation dynamics. The business cycle model generates cycles as an endogenous outcome of the mismatch between the return to capital and investors’ required rate. Haavelmo approached inflation dynamics from two different perspectives: First, in the spirit of Knut Wicksell, he included a “cumulative process” into his business cycle model. His second formulation is related to conflict theories of inflation.

JEL-codes: E22 E44 E52 E63 (search for similar items in EconPapers)
Date: 2012
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