Autore
Veneziani, Roberto

Titolo
Structural Stability and Goodwin's 'A Growth Cycle'. A Survey.
Periodico
Ente per gli studi monetari, bancari e finanziari "Luigi Einaudi". Temi di ricerca
Anno: 2001 - Volume: 7 - Fascicolo: 24 - Pagina iniziale: 1

In this paper, the methodological prescription to reject a structurally unstable model is critically analysed by considering Goodwin'sA Growth Cycle [15, 161. Moreover, a survey of the literature on Goodwin's model (GM) is provided, focusing on the issue of structural instability. It is argued that, both theoretically and empirically, GM is a more satisfactory formalisation on distributive conflict than structurally stable models. An interpretation of GM based on its structural instability is proposed, arguing that GM isolates in vitro the main forces underlying distributive conflict, and should not be used to describe business cycles in a perturbed enviromnent. Finally, an explanation of fue empirical evidence is provided based on this interpretation of GM.



Testo completo: http://www.enteluigieinaudi.it/pdf/Pubblicazioni/Temi/T_24.pdf

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