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Frisch’s Macro-Dynamics: Inner Stability and External Impulses

In: Modeling Economic Instability

Author

Listed:
  • Michaël Assous

    (Université Lumière Lyon 2)

  • Vincent Carret

    (Université Lumière Lyon 2)

Abstract

We have seen that HamburgerHamburger, Ludwig was criticized by FrischFrisch, Ragnar for failing to build a real model of the economy; he stayed mostly within the confine of one equation whose movements he examined as a possible explanation for the observed movements of business cyclesBusiness cyclefluctuation. Although FrischFrisch, Ragnar recognized the potential in this approach, he did not pursue it himself and eventually he proposed to study business cyclesBusiness cycletheory through two separate pieces: the propagationPropagation mechanism, a linear, deterministic trajectory and the impulses to which the system is subject.

Suggested Citation

  • Michaël Assous & Vincent Carret, 2022. "Frisch’s Macro-Dynamics: Inner Stability and External Impulses," Springer Studies in the History of Economic Thought, in: Modeling Economic Instability, chapter 0, pages 55-86, Springer.
    • Handle: RePEc:spr:spshcp:978-3-030-90310-7_4
    DOI: 10.1007/978-3-030-90310-7_4
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