The macroeconomics of Trygve Haavelmo
Haavelmo’s “A study in the theory of investment” from 1960 is a tour de force in macroeconomic theorising. His later offerings in this area are less known outside Norway. In this paper, we present his models of business cycles (crises) and inflation dynamics. The business cycle model generates cycles as an endogenous outcome of the mismatch between the return to capital and investors’ required rate. Haavelmo approached inflation dynamics from two different perspectives: First, in the spirit of Knut Wicksell, he included a “cumulative process” into his business cycle model. His second formulation is related to conflict theories of inflation.
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