Testing Goodwin’s Growth Cycle Disaggregated Models: Evidence from the Input-Output Table of the Greek Economy for the Year 1988
AbstractThis paper tests empirically the well-known Goodwin’s ‘growth cycle’ disaggregated models, using data from the symmetric input-output table of the Greek economy for the year 1988. It is found that from qualitative as well as quantitative point of view, both models are not adequate to describe the long-run workers’ share-employment rate trajectories of the Greek economy. However, in the medium-run analysis the evidence presented here are more encouraging: at qualitative level, one of the two Goodwin’s models is found to be adequate to describe the dynamic behavior of the workers’ share and employment rate.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 24171.
Date of creation: 31 Jul 2010
Date of revision:
Business cycles; Disaggregated models; Input-output tables; Principal coordinates;
Find related papers by JEL classification:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
- E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
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- Atkinson, Anthony B, 1969. "The Timescale of Economic Models: How Long Is the Long Run?," Review of Economic Studies, Wiley Blackwell, vol. 36(106), pages 137-52, April.
- Harvie, David, 2000. "Testing Goodwin: Growth Cycles in Ten OECD Countries," Cambridge Journal of Economics, Oxford University Press, vol. 24(3), pages 349-76, May.
- Lefteris Tsoulfidis & Theodore Mariolis, 2007. "Labour Values, Prices of Production and the Effects of Income Distribution: Evidence from the Greek Economy," Economic Systems Research, Taylor & Francis Journals, vol. 19(4), pages 425-437.
- Goodwin, Richard M, 1986. "Swinging along the Turnpike with von Neumann and Sraffa," Cambridge Journal of Economics, Oxford University Press, vol. 10(3), pages 203-10, September.
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