Book contents
- Frontmatter
- PART I RAGNAR FRISCH AND HIS CONTRIBUTIONS TO ECONOMICS
- PART II UTILITY MEASUREMENT
- PART III PRODUCTION THEORY
- PART IV MICROECONOMIC POLICY
- PART V ECONOMETRIC METHODS
- PART VI MACRODYNAMICS
- 14 Frisch's Vision and Explanation of the Trade-Cycle Phenomenon: His Connections with Wicksell, Åkerman, and Schumpeter
- 15 Ragnar Frisch's Conception of the Business Cycle
- 16 Business Cycles: Real Facts or Fallacies?
- PART VII MACROECONOMIC PLANNING
- Author Index
- Subject Index
15 - Ragnar Frisch's Conception of the Business Cycle
from PART VI - MACRODYNAMICS
Published online by Cambridge University Press: 05 January 2013
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Book contents
- Frontmatter
- PART I RAGNAR FRISCH AND HIS CONTRIBUTIONS TO ECONOMICS
- PART II UTILITY MEASUREMENT
- PART III PRODUCTION THEORY
- PART IV MICROECONOMIC POLICY
- PART V ECONOMETRIC METHODS
- PART VI MACRODYNAMICS
- 14 Frisch's Vision and Explanation of the Trade-Cycle Phenomenon: His Connections with Wicksell, Åkerman, and Schumpeter
- 15 Ragnar Frisch's Conception of the Business Cycle
- 16 Business Cycles: Real Facts or Fallacies?
- PART VII MACROECONOMIC PLANNING
- Author Index
- Subject Index
Summary
Propagation Problems
There is no doubt in my mind that the most important paper in Ragnar Frisch's impressive bibliography is his paper on “dynamic economics” in the Cassel Festschrift (Frisch, 1933). I cannot imagine a course of lectures in macroeconomics that would omit significant consideration of that paper. For me it is simply a favorite, and for many it is his most celebrated work.
There are problems with that paper, at the levels of specification and empirical measurement, but the conceptual contribution was overwhelming - to look at the dynamics of the macroeconomy in terms of an internal mechanism related to economic response characteristics and an external mechanism related to random shocks. In later treatments of this subject we have come to rely more heavily on nonrandom exogenous impulses, to a large extent caused by economic policy, but they can easily be incorporated into Frisch's framework.
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- Econometrics and Economic Theory in the 20th CenturyThe Ragnar Frisch Centennial Symposium, pp. 483 - 498Publisher: Cambridge University PressPrint publication year: 1999
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