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Resuscitating the Cobweb Cycle

Author

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  • Klaus Reiner Schenk�Hopp�

Abstract

This note shows that permanent uctuations in the Cobweb model - though inconsistent with a rational expectations equilibrium - can be justified as being rational when reinterpreting the model in the theory of rational beliefs.

Suggested Citation

  • Klaus Reiner Schenk�Hopp�, "undated". "Resuscitating the Cobweb Cycle," IEW - Working Papers 123, Institute for Empirical Research in Economics - University of Zurich.
  • Handle: RePEc:zur:iewwpx:123
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    File URL: https://www.econ.uzh.ch/apps/workingpapers/wp/iewwp123.pdf
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    Cited by:

    1. Simon Glöser-Chahoud & Johannes Hartwig & I. David Wheat & Martin Faulstich, 2016. "The cobweb theorem and delays in adjusting supply in metals' markets," System Dynamics Review, System Dynamics Society, vol. 32(3-4), pages 279-308, July.

    More about this item

    Keywords

    Cobweb model; rational beliefs; rational expectations;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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