 The Wooden Horse That Wouldn’t Rock: Reconsidering FrischStefano Zambelli and Björn Thalberg Chapter 4 in Nonlinearities, Disequilibria and Simulation, 1992, pp 27-56 from Palgrave Macmillan Abstract: Abstract The contribution of Ragnar Frisch to economics has been extensively and deeply analyzed. His specific work ‘Propagation Problems and Impulse Problems in Dynamic Economics’ (henceforth PPIP) has been carefully studied since its publication, by several authors. In the beginning the attention was addressed toward general aspects (see, for example, Tinbergen 1935; Arrow 1960; Johansen 1969; Samuelson 1974 and Blatt 1980), while in recent years specific ones have been reconsidered. Velupillai (1987) has underlined the implications of the imposed linearity assumption, while Thalberg (1990) has considered different possible evolutions of the so-called ‘primary’ cycle and has modified some assumptions of the original PPIP. In the present paper the specific construction of the model presented in PPIP is analytically approached and worked out with computer simulations: The main conclusion is that PPIP is not a model of the cycle or, to use the Wicksell-Frisch’s metaphor, it is a wooden horse that wouldn’t rock. Keywords: Business Cycle; Capital Stock; Investment Decision; Capital Good; Cyclical Behaviour (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-12227-1_4 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-12227-1_4 Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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