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Growth cycles with or without price flexibility
2015
Review of Keynesian Economics
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This note -written in response to von Arnim and Barrales (2015) shows that (i) the Kaldor-Goodwin models in Skott (1989a Skott ( , 1989b and Skott and Zipperer (2012) provide good approximations to models with fast but ...nite 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 ...xed prices produces a dynamic system that is virtually identical to the Kaldor-Goodwin; this
doi:10.4337/roke.2015.03.06
fatcat:m4m2wtnokfgblniuaumnhiqwpe