The accelerator principle at the core of Frisch's 1933 rocking horse model Tracing back the influences: American Institutionalism and Norwegian investment cycles theories

DUPONT

Type de document
ARTICLE A COMITE DE LECTURE NON REPERTORIE DANS BDI (ACLN)
Langue
anglais
Auteur
DUPONT
Résumé / Abstract
This paper aims to detail Frisch's choice of setting the accelerator principle at the core of his impulse-propagation model (1933a), referred to as the rocking horse model. The innovative aspects of this model rest not only on the rise of macrodynamics around the equilibrium concept but also on the reformulation of business cycles in terms of production of capital goods. This is a deliberate choice and relies on his work on business cycles started in 1927, and can be obviously traced back to his debate with John Maurice Clark and the American Institutionalists, but more deeply on a specific appropriation of Norwegian approach to this principle
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