IDEAS home Printed from https://ideas.repec.org/p/cla/uclawp/623.html
   My bibliography  Save this paper

The Wooden Horse that Wouldn't Rock: Reconsidering Frisch

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://www.econ.ucla.edu/workingpapers/wp623.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. J. M. Clark, 1931. "Capital Production and Consumer-Taking: A Reply," Journal of Political Economy, University of Chicago Press, vol. 39(6), 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(5), 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(5), pages 646-646.
    5. Ragnar Frisch, 1932. "Capital Production and Consumer-Taking: A Rejoinder," Journal of Political Economy, University of Chicago Press, vol. 40(2), 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Velupillai, K. Vela, 1998. "The vintage economist," Journal of Economic Behavior & Organization, Elsevier, vol. 37(1), pages 1-31, September.
    2. 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.
    3. Carret, Vincent, 2021. "Fluctuations and growth in Ragnar Frisch’s rocking horse model," OSF Preprints 69nsg, Center for Open Science.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Stefano Zambelli, 2015. "Dynamical coupling, the non-linear accelerator and the persistence of business cycles," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 39(6), pages 1607-1628.
    2. Carret, Vincent, 2021. "Fluctuations and growth in Ragnar Frisch’s rocking horse model," OSF Preprints 69nsg, Center for Open Science.
    3. K. Vela Velupillai & Ragupathy Venkatachalam & Stefano Zambelli, 2014. "Albert Aftalion and Business Cycle Theory: A Note," Economia politica, Società editrice il Mulino, issue 3, pages 487-490.
    4. Canepa, Alessandra & Zanetti Chini, Emilio & Alqaralleh, Huthaifa, 2019. "Modelling Housing Market Cycles in Global Cities," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201901, University of Turin.
    5. Kumaraswamy Velupillai, 2003. "Economics and the complexity vision: chimerical partners or elysian adventurers," Department of Economics Working Papers 0307, Department of Economics, University of Trento, Italia.
    6. Vincent Carret, 2020. "And yet it rocks! Fluctuations and growth in Ragnar Frisch's rocking horse model," Working Papers halshs-02969773, HAL.
    7. Canepa, Alessandra & Zanetti Chini, Emilio & Alqaralleh, Huthaifa, 2023. "Modelling and Forecasting Energy Market Cycles: A Generalized Smooth Transition Approach," Department of Economics and Statistics Cognetti de Martiis. Working Papers 202318, University of Turin.
    8. Alessandra Canepa & Emilio Zanetti Chini & Huthaifa Alqaralleh, 2022. "Global Cities and Local Challenges: Booms and Busts in the London Real Estate Market," The Journal of Real Estate Finance and Economics, Springer, vol. 64(1), pages 1-29, January.
    9. David E. A. Giles, 1997. "Testing for Asymmetry in the Measured and Underground Business Cycles in New Zealand," The Economic Record, The Economic Society of Australia, vol. 73(222), pages 225-232, September.
    10. Colander, David & Rothschild, Casey, 2010. "Sins of the Sons of Samuelson: Vision, pedagogy, and the zig-zag windings of complex dynamics," Journal of Economic Behavior & Organization, Elsevier, vol. 74(3), pages 277-290, June.
    11. Alessandra Canepa & Emilio Zanetti Chini & Huthaifa Alqaralleh, 2020. "Global Cities and Local Housing Market Cycles," The Journal of Real Estate Finance and Economics, Springer, vol. 61(4), pages 671-697, November.
    12. Peat, Maurice & Stevenson, Max, 1996. "Asymmetry in the business cycle: Evidence from the Australian labour market," Journal of Economic Behavior & Organization, Elsevier, vol. 30(3), pages 353-368, September.
    13. Nathan S. Balke & Mark A. Wynne, 1993. "Recessions and recoveries in real business cycle models: do real business cycle models generate cyclical behavior?," Working Papers 9322, Federal Reserve Bank of Dallas.
    14. Stefano Zambelli, 2011. "Coupled Dynamics in a Phillips Machine Model of the Macroeconomy," Economia politica, Società editrice il Mulino, issue 1, pages 171-188.
    15. Richard W. P. Holt, 2000. "Non‐Convexities, Asymmetries and Aggregate Investment Activity: Evidence for the UK," Manchester School, University of Manchester, vol. 68(s1), pages 51-74.
    16. Jaditz, Ted, 1995. "Nonlinear Dynamics, Chaos, and Econometrics : M. Hashem Pesaran and Simon M. Potter, eds., (New York, NY: John Wiley & Sons, 1993) pp. viii + 244, $55.00," Journal of Economic Behavior & Organization, Elsevier, vol. 27(3), pages 489-491, August.
    17. Olav Bjerkholt, 2014. "Ragnar Frisch and the Postwar Norwegian Economy: A Critical Comment on Sæther and Eriksen," Econ Journal Watch, Econ Journal Watch, vol. 11(3), pages 297-312, September.
    18. K. Vela Velupillai & Stefano Zambelli, 2011. "Continuity, Discontinuity and Dynamics in Mathematics & Economics - Reconsidering Rosser's Visions," ASSRU Discussion Papers 1111, ASSRU - Algorithmic Social Science Research Unit.
    19. Alqaralleh, Huthaifa & Canepa, Alessandra, 2020. "Housing market cycles in large urban areas," Economic Modelling, Elsevier, vol. 92(C), pages 257-267.
    20. Louçã, Francisco, 2014. "The elusive concept of innovation for Schumpeter, Marschak and the early econometricians," Research Policy, Elsevier, vol. 43(8), pages 1442-1449.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cla:uclawp:623. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: David K. Levine (email available below). General contact details of provider: http://www.econ.ucla.edu/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.