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Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - A non-linear Keynesian Goodwin-type endogenous model of the cycle
T2 - Bayesian evidence for the USA
AU - Mariolis, Theodore
AU - Konstantakis, Konstantinos N.
AU - Michaelides, Panayotis G.
AU - Tsionas, Efthymios G.
PY - 2019/2/1
Y1 - 2019/2/1
N2 - 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.
AB - 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.
KW - Bayesian sequential Monte Carlo methods
KW - Bhaduri-Marglin accumulation function
KW - Goodwin type models
KW - US economy
U2 - 10.1515/snde-2016-0137
DO - 10.1515/snde-2016-0137
M3 - Journal article
AN - SCOPUS:85049724215
VL - 23
JO - Studies in Nonlinear Dynamics and Econometrics
JF - Studies in Nonlinear Dynamics and Econometrics
SN - 1081-1826
IS - 1
M1 - 20160137
ER -