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Tinbergen’s Macro-Dynamics: Instability and the Possibility of Collapse

In: Modeling Economic Instability

Author

Listed:
  • Michaël Assous

    (Université Lumière Lyon 2)

  • Vincent Carret

    (Université Lumière Lyon 2)

Abstract

After his involvement in the early meetings of the Econometric Society, Tinbergen started to work on different macro-dynamic models able to account for economic instability. In 1934, he built a model generating new types of economic movements which eventually led him in 1936 to consider the possibility of having two equilibria, one stable, one unstable, with damped or self-sustained cycles around the high equilibrium and a collapse once the economy reaches the low equilibrium. Tinbergen saw these models, with reference to Fisher’s 1933 classic EconometricaCollapse paper on debt deflation, as a way to interpret the potential of a crisis to trigger the collapse of the economy.

Suggested Citation

  • Michaël Assous & Vincent Carret, 2022. "Tinbergen’s Macro-Dynamics: Instability and the Possibility of Collapse," Springer Studies in the History of Economic Thought, in: Modeling Economic Instability, chapter 0, pages 121-145, Springer.
    • Handle: RePEc:spr:spshcp:978-3-030-90310-7_6
    DOI: 10.1007/978-3-030-90310-7_6
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