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Resuscitating the cobweb cycle

Author

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  • Klaus Reiner Schenk-Hoppé

    (University of Copenhagen, Denmark)

Abstract

This article shows that permanent fluctuations 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. Copyright © 2004 John Wiley & Sons, Ltd.

Suggested Citation

  • Klaus Reiner Schenk-Hoppé, 2004. "Resuscitating the cobweb cycle," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 23(8), pages 621-624.
    • Handle: RePEc:jof:jforec:v:23:y:2004:i:8:p:621-624
    DOI: 10.1002/for.936
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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

    JEL classification:

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

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