Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/145412
Authors: 
Skott, Peter
Year of Publication: 
2015
Series/Report no.: 
Working Paper, University of Massachusetts, Department of Economics 2015-03
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
Subjects: 
Endogenous cycles
Harrodian instability
price flexibility
rationing
labor hoarding
behavioral foundations
JEL: 
E12
E32
Document Type: 
Working Paper

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