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The Hicksian Trade Cycle with Floor and Ceiling Dependent on Capital Stock
Umeå University, Faculty of Social Sciences, Centre for Regional Science (CERUM).
2007 (English)In: Journal of Economic Dynamics and Control, ISSN 0165-1889, E-ISSN 1879-1743, Vol. 31, no 2, 575-592 p.Article in journal (Refereed) Published
Abstract [en]

This article reconsiders the Hicksian multiplier-accelerator model with 'floor' and 'ceiling'. The new thrust is that these constraints are tied to the actual stock of capital, the floor to the depreciation on this stock, the ceiling to capital as a limiting production factor according to the fixed proportions technology that also underlies the principle of acceleration. For capital formation just the Hicksian investment theory is used. The result is one unified model creating economic growth and growth rate cycles.

Place, publisher, year, edition, pages
2007. Vol. 31, no 2, 575-592 p.
Keyword [en]
business cycle models, multiplier-accelerator models, floor-ceiling models, complex dynamics
National Category
Economics
Identifiers
URN: urn:nbn:se:umu:diva-13694DOI: 10.1016/j.jedc.2005.12.004OAI: oai:DiVA.org:umu-13694DiVA: diva2:153365
Available from: 2007-05-14 Created: 2007-05-14 Last updated: 2017-12-14Bibliographically approved

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