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The contribution of Ragnar Frisch to economics has been extensively and deeply analyzed. His specific work ‘Propagation Problems and Impulse Problems in Dynamic Economics’ (henceforth PPIP) has been carefully studied since its publication, by several authors. In the beginning the attention was addressed toward general aspects (see, for example, Tinbergen 1935; Arrow 1960; Johansen 1969; Samuelson 1974 and Blatt 1980), while in recent years specific ones have been reconsidered. Velupillai (1987) has underlined the implications of the imposed linearity assumption, while Thalberg (1990) has considered different possible evolutions of the so-called ‘primary’ cycle and has modified some assumptions of the original PPIP. In the present paper the specific construction of the model presented in PPIP is analytically approached and worked out with computer simulations: The main conclusion is that PPIP is not a model of the cycle or, to use the Wicksell-Frisch’s metaphor, it is a wooden horse that wouldn’t rock.
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