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The Wooden Horse that Wouldn't Rock: Reconsidering Frisch

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  • Stefano Zambelli

    (UCLA)

Abstract

The contribution of Ragnar Frisch to economics has been extensively and deeply analyzed. His specific work ‘Propagation Problems and Impulse Problems in Dynamic Economics’ (henceforth PPIP) has been carefully studied since its publication, by several authors. In the beginning the attention was addressed toward general aspects (see, for example, Tinbergen 1935; Arrow 1960; Johansen 1969; Samuelson 1974 and Blatt 1980), while in recent years specific ones have been reconsidered. Velupillai (1987) has underlined the implications of the imposed linearity assumption, while Thalberg (1990) has considered different possible evolutions of the so-called ‘primary’ cycle and has modified some assumptions of the original PPIP. In the present paper the specific construction of the model presented in PPIP is analytically approached and worked out with computer simulations: The main conclusion is that PPIP is not a model of the cycle or, to use the Wicksell-Frisch’s metaphor, it is a wooden horse that wouldn’t rock.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Stefano Zambelli, 1991. "The Wooden Horse that Wouldn't Rock: Reconsidering Frisch," UCLA Economics Working Papers 623, UCLA Department of Economics.
    • Handle: RePEc:cla:uclawp:623
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    File URL: http://www.econ.ucla.edu/workingpapers/wp623.pdf
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    References listed on IDEAS

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    1. J. M. Clark, 1931. "Capital Production and Consumer-Taking: A Reply," Journal of Political Economy, University of Chicago Press, vol. 39, pages 814-814.
    2. J. M. Clark, 1932. "Capital Production and Consumer-Taking: A Further Word," Journal of Political Economy, University of Chicago Press, vol. 40, pages 691-691.
    3. Samuelson, P. A., 1974. "Remembrances of Frisch," European Economic Review, Elsevier, vol. 5(1), pages 7-23, June.
    4. Ragnar Frisch, 1931. "The Interrelation Between Capital Production and Consumer-Taking," Journal of Political Economy, University of Chicago Press, vol. 39, pages 646-646.
    5. Ragnar Frisch, 1932. "Capital Production and Consumer-Taking: A Rejoinder," Journal of Political Economy, University of Chicago Press, vol. 40, pages 253-253.
    6. Blatt, John Markus, 1980. "On the Frisch Model of Business Cycles," Oxford Economic Papers, Oxford University Press, vol. 32(3), pages 467-479, November.
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    Cited by:

    1. Carret, Vincent, 2021. "Fluctuations and growth in Ragnar Frisch’s rocking horse model," OSF Preprints 69nsg, Center for Open Science.
    2. Velupillai, K. Vela, 1998. "The vintage economist," Journal of Economic Behavior & Organization, Elsevier, vol. 37(1), pages 1-31, September.
    3. V. Ragupathy & K. Vela Velupillai, 2011. "Origins and Early Development of the Nonlinear Endogenous Mathematical Theory of the Business Cycle: Part I - The Setting," ASSRU Discussion Papers 1127, ASSRU - Algorithmic Social Science Research Unit.

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