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A short-period growth cycle model

Author

Listed:
  • Jörg GLOMBOWSKI

    (Tilburg University)

  • Michael KRÜGER

    (University of Massachusetts)

Abstract

Goodwin's well-known growth cycle model has been rejected by Keynesians because it fails to take product disequilibria into account and gives rise to cycles which are much longer than observable business cycles. In the present article it is shown that cycles of much shorter duration can be obtained if the Goodwin model is modified by taking reactions to product market disequilibria into account. While shifts in income distribution between wages and profits remain the cycle maker, the modifications intensify the profit squeeze (and profit recovery) and thus speed up the cyclical process.

Suggested Citation

  • Jörg GLOMBOWSKI & Michael KRÜGER, 1988. "A short-period growth cycle model," Discussion Papers (REL - Recherches Economiques de Louvain) 1988044, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvre:1988044
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    Cited by:

    1. Veneziani, Roberto & Mohun, Simon, 2006. "Structural stability and Goodwin's growth cycle," Structural Change and Economic Dynamics, Elsevier, vol. 17(4), pages 437-451, December.
    2. Serena Sordi, 2008. "A disequilibrium growth cycle model with differential savings," Department of Economic Policy, Finance and Development (DEPFID) University of Siena 0508, Department of Economic Policy, Finance and Development (DEPFID), University of Siena.
    3. Sordi, Serena & Vercelli, Alessandro, 2014. "Unemployment, income distribution and debt-financed investment in a growth cycle model," Journal of Economic Dynamics and Control, Elsevier, vol. 48(C), pages 325-348.

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