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OVERDETERMINACY AND ENDOGENOUS CYCLES: TRYGVE HAAVELMO'S BUSINESS CYCLE MODEL

机译:决定性和内生周期:TRYGVE HAAVELMO的业务周期模型

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摘要

The econometrician Trygve Haavelmo pursued a research programme in macroeconomic theory that was highly original for its time. We present his macro model for an economy with deregulated financial markets and a policy determined interest rate path. Disequilibria arise in the interface between asset markets and the real economy. A mismatch between the marginal return to capital and investors' required rate generates endogenous switching between recession and full employment regimes. Haavelmo regarded the 'switching mechanism' as a substitute for liquidity constraints, and together with his ideas of price dynamics, there is a clear Keynesian and Wicksellian influence on his macro-economic theorizing.
机译:计量经济学家Trygve Haavelmo推行了一项宏观经济学理论研究计划,该计划在当时是非常原始的。我们为金融市场放松管制和政策决定的利率路径提出了他的宏观模型。资产市场与实体经济之间的接口出现不平衡。资本的边际收益率和投资者所需的利率之间的不匹配会导致衰退和全面就业制度之间的内生性转换。 Haavelmo认为“转换机制”可以替代流动性约束,再加上他的价格动态思想,凯恩斯主义和威克塞尔主义对他的宏观经济理论有明显的影响。

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  • 来源
    《Metroeconomica》 |2014年第3期|460-486|共27页
  • 作者单位

    Norges Bank, Statistics Norway and University of Oslo,Norges Bank Research Department PO Box 1179 Sentrum N-0107 Oslo Norway;

    Norges Bank, Statistics Norway and University of Oslo,Statistics Norway Research Department Akersveien 26 PO Box 8133 N-0177 Oslo Norway;

    Norges Bank, Statistics Norway and University of Oslo,Department of Economics University of Olso PO Box 1095 Blindern N-0317 Oslo Norway;

    Norges Bank, Statistics Norway and University of Oslo,Department of Economics University of Olso PO Box 1095 Blindern N-0317 Oslo Norway;

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