Richard Goodwin's Keynesian Cobweb: Theme and Variations
Richard H. Day
University of Southern California - Department of Economics
Oleg V. Pavlov
Worcester Polytechnic Institute (WPI) - Department of Social Science & Policy Studies
Journal of Macroeconomics, Vol. 24, No. 1, Winter 2002
Variations of Richard Goodwin's graphical model for explaining the rudiments of Keynes's real/monetary cycle theory are presented that can also be explicated graphically, but which possess more plausible dynamic properties, namely, the generic possibility of irregular, asymmetric fluctuations.
Accepted Paper Series
Date posted: August 19, 2002
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