A short-period growth cycle model
Jörg Glombowski and
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Jörg Glombowski: Tilburg University
Michael Krüger: University of Massachusetts
No 1988044, Discussion Papers (REL - Recherches Economiques de Louvain) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)
Goodwin's well-known growth cycle model has been rejected by Keynesians because it fails to take product disequilibria into account and gives rise to cycles which are much longer than observable business cycles. In the present article it is shown that cycles of much shorter duration can be obtained if the Goodwin model is modified by taking reactions to product market disequilibria into account. While shifts in income distribution between wages and profits remain the cycle maker, the modifications intensify the profit squeeze (and profit recovery) and thus speed up the cyclical process.
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