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Growth cycles with or without price flexibility

Author

Listed:
  • Peter Skott

    (University of Massachusetts Amherst, USA and University of Aalborg, Denmark)

Abstract

This note – written in response to von Arnim and Barrales (2015) – shows that (i) the Kaldor–Goodwin models in Skott (1989a; 1989b) and Skott and Zipperer (2012) provide good approximations to models with fast but finite adjustment of prices, (ii) the models can generate cyclical patterns that match the stylized facts, and (iii) an alternative model with instantaneous output adjustment and fixed prices produces a dynamic system that is virtually identical to the Kaldor–Goodwin; this model may describe parts of the service sector.

Suggested Citation

  • Peter Skott, 2015. "Growth cycles with or without price flexibility," Review of Keynesian Economics, Edward Elgar Publishing, vol. 3(3), pages 374-386, July.
    • Handle: RePEc:elg:rokejn:v:3:y:2015:i:3:p374-386
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    Cited by:

    1. Soon Ryoo & Peter Skott, 2017. "Fiscal and Monetary Policy Rules in an Unstable Economy," Metroeconomica, Wiley Blackwell, vol. 68(3), pages 500-548, July.
    2. Erixon, Lennart, 2016. "Building a path of equality to economic progress and macroeconomic stability - the economic theory of the Swedish model," Research Papers in Economics 2016:3, Stockholm University, Department of Economics.
    3. Skott, Peter, 2023. "Endogenous business cycles and economic policy," Journal of Economic Behavior & Organization, Elsevier, vol. 210(C), pages 61-82.
    4. Soon Ryoo, 2016. "Household debt and housing bubbles: a Minskian approach to boom-bust cycles," Journal of Evolutionary Economics, Springer, vol. 26(5), pages 971-1006, December.
    5. Murakami, Hiroki & Zimka, Rudolf, 2020. "On dynamics in a two-sector Keynesian model of business cycles," Chaos, Solitons & Fractals, Elsevier, vol. 130(C).

    More about this item

    Keywords

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    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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