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The macroeconomics of Trygve Haavelmo

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Author Info

  • André K. Anundsen

    (Department of Economics, University of Oslo, Norway)

  • Ragnar Nymoen

    (Department of Economics, University of Oslo, Norway)

  • Tord S. Krogh

    (Department of Economics, University of Oslo, Norway)

  • Jon Vislie

    (Department of Economics, University of Oslo, Norway)

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.

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File URL: http://www.nopecjournal.org/NOPEC_2012_a02.pdf
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Bibliographic Info

Article provided by Nordic Journal of Political Economy in its journal Nordic Journal of Political Economy.

Volume (Year): 37 (2012)
Issue (Month): ()
Pages: 2

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Handle: RePEc:noj:journl:v:37:y:2012:p:2

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  1. Lasse Heje Pedersen, 2009. "When Everyone Runs for the Exit," NBER Working Papers 15297, National Bureau of Economic Research, Inc.
  2. Robert E. Lucas Jr., 2003. "Macroeconomic Priorities," American Economic Review, American Economic Association, vol. 93(1), pages 1-14, March.
  3. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "The Aftermath of Financial Crises," American Economic Review, American Economic Association, vol. 99(2), pages 466-72, May.
  4. Chand, Sheetal K., 2012. "The Relevance of Haavelmo’s Macroeconomic Theorizing for Contemporary Policy Making," Memorandum 06/2012, Oslo University, Department of Economics.
  5. Karl Ove Moene & Asbjorn Rodseth, 1991. "Nobel Laureate: Trygve Haavelmo," Journal of Economic Perspectives, American Economic Association, vol. 5(3), pages 175-192, Summer.
  6. Boianovsky M., 2001. "Patinkin, the cowles commission, and the theory of unemployment and aggregate supply," Working Papers 2001039, University of Antwerp, Faculty of Applied Economics.
  7. David Hendry & Grayham E. Mizon, 2010. "On the Mathematical Basis of Inter-temporal Optimization," Economics Series Working Papers 497, University of Oxford, Department of Economics.
  8. Bjerkholt, Olav, 1998. "Interaction between model builders and policy makers in the Norwegian tradition," Economic Modelling, Elsevier, vol. 15(3), pages 317-339, July.
  9. Bardsen, Gunnar & Eitrheim, Oyvind & Jansen, Eilev S. & Nymoen, Ragnar, 2005. "The Econometrics of Macroeconomic Modelling," OUP Catalogue, Oxford University Press, number 9780199246502.
  10. Steve Keen, 2011. "Debunking Macroeconomics," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 41(3), pages 147-168, December.
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