Accepted author manuscript, 513 KB, PDF document
Available under license: CC BY-NC: Creative Commons Attribution-NonCommercial 4.0 International License
Final published version
Research output: Contribution to Journal/Magazine › Journal article › peer-review
Article number | 20160137 |
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<mark>Journal publication date</mark> | 1/02/2019 |
<mark>Journal</mark> | Studies in Nonlinear Dynamics and Econometrics |
Issue number | 1 |
Volume | 23 |
Publication Status | Published |
Early online date | 3/07/18 |
<mark>Original language</mark> | English |
This paper incorporates the so-called Bhaduri-Marglin accumulation function in Goodwin's original growth cycle model and econometrically estimates the proposed model for the case of the US economy in the time period 1960-2012, using a modern Bayesian sequential Monte Carlo method. Based on our findings, the US economy follows an exhilarationist regime throughout our investigation period with the sole exception of an underconsumption regime for the time period 1974-1978. In general, the results suggest that the proposed approach is an appropriate vehicle for expanding and improving traditional Goodwin-type models.