Análisis de una generalización del modelo de crecimiento cíclico de Goodwin
ISSN: 2340-6704, 0210-0266
Year of publication: 2002
Volume: 25
Issue: 70
Pages: 359-382
Type: Article
More publications in: Cuadernos de economía: Spanish Journal of Economics and Finance
Abstract
Gomblowski and Krüger (1986) introduce several generalizations in the Goodwin's model of cyclical growth (1967), obtaining interesting results on the stability and the period of the economic cycle. The objective of our article is improve the contribution of Gomblowski and Krüger introducing new investment function and money wage bargaining equation that seem more adequate to the economic reality. With these modifications are obtained cycles from 12-13 years and is observed that the consideration of the effect of hysteresis in the bargaining of the money wage as well as the money illusion existence have a stabilizing effect on the economic system.