Nonlinearities, Disequilibria and Simulation Proceedings of the Arne
Our analytical heritage in macrodynamics owes a great deal to Ragnar Frisch. The tradition of quantitative methods in economic analysis owes not a little to Frisch, Trygve, Haavelmo and Leif Johansen. These essays pay homage to Thalberg - student, friend,
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Also edited by Kumaraswamy Velupillai BUSINESS CYCLES: Theories, Evidence and Analysis (with Nieis Thygesen and Stefano Zambelli) GROwrH CYCLES AND MULTISECI'ORAL ECONOMICS: The Goodwin Tradition (with Gianni Ricci) NONLINEAR AND MULTISECI'ORAL MACRODYNAMlCS
Bjorn Thalberg lecturing in Lund, autumn 1989.
N onlinearities, Disequilibria and Simulation Proceedings of the Arne Ryde Symposium on Quantitative Methods in the Stabilization of Macrodynamic Systems Essays in Honour of Bjorn Thalberg
Edited by
Kumaraswamy Velupillai Associate Director, Center for Computable Economics, Department of Economics University of California, Los Angeles
M
© Kumaraswamy Velupillai 1992
Softcover reprint of the hardcover 1st edition 1992 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London Wl P 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 1992 by THE MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 2XS and London Companies and representatives throughout the world ISBN 978-1-349-12229-5 ISBN 978-1-349-12227-1 (eBook) DOI 10.1007/978-1-349-12227-1 A catalogue record for this book is available from the British Library.
Contents In Memoriam Arne Ryde
x
Notes on the Contributors
xi
1 Introduction Kumaraswamy Velupillai
1
2 Bjorn Thalberg-Teacher, Mentor and Friend Kumaraswamy Velupillai
12
3 Reminiscences Poul Nf/Jrregaard-Rasmussen and Richard M. Goodwin
20
Part I
Reconsidering Frischian Issues
4 The Wooden Horse That Wouldn't Rock: Reconsidering Frisch Stefano Zambelli
27
Discussion Bj6rn Thalberg
55
Response Stefano Zambelli
56
5 Implicit Nonlinearities in the Economic Dynamics of 'Impulse and Propagation' Kumaraswamy Velupillai Discussion Hdkan J. Holm
57 71
6 Reflections on the Frisch-lohansen Tradition in the Theory of Production Sven Danf/J Discussion Lars-Gunnar Svensson and Rolf Fare
vii
74 81
viii
Contents
Part 11
Simulation, Asymmetries and (Optimal) Policies in Macroeconomic Models
7 A Chaotic Reformulation of Multiplier-Accelerator Models Richard M. Goodwin Discussion Bjorn Thalberg and Kumaraswamy Velupillai 8 Is the Norwegian Business Cycle Asymmetric? Michael Bergman and Lars Jonung
87 101 107
Discussion Stefano Zambelli and Rognvaldur Hannesson
126
Response Michael Bergman and Lars Jonung
132
9 Stability and Stabilization of Mature Economies John Cornwall
134
Discussion Helge Brink, Bjorn Hansson and Carl-Louis Sandblom
154
Response John Cornwall
159
10 A test of Rational Expectations and the Permanent Income Hypothesis Using Swedish Data, 1963-87 Curt Wells
163
