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A Hicksian Two-Sector Model of Cycles and Growth

In: Business Cycle Dynamics and Stabilization Policies

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  • Hajime Hori

    (Tohoku University)

Abstract

This chapter analyzes cycles and growth using a dynamic version of the Hicksian two-sector model. Two types of friction, nominal wage stickiness and non-shiftability of capital, are present. It is found that sectoral imbalances caused by the non-shiftablilty of capital are corrected in finite time through investment allocation and that the possibility of cycles depends on the speed of nominal wage adjustment. The arriving order of the turning points of some important economic variables is established.

Suggested Citation

  • Hajime Hori, 2017. "A Hicksian Two-Sector Model of Cycles and Growth," Advances in Japanese Business and Economics, in: Business Cycle Dynamics and Stabilization Policies, chapter 0, pages 33-75, Springer.
    • Handle: RePEc:spr:advchp:978-981-10-3081-9_2
    DOI: 10.1007/978-981-10-3081-9_2
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