A Rocking Horse That Never Rocked: Frisch's “Propagation Problems and Impulse Problems”

Stefano Zambelli

37 citations0/0 files storedHistory of Political Economy

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Economic Theory and Policy Monetary Policy and Economic Impact Economic Theory and Institutions

Abstract

Propagation Problems and Impulse Problems in Dynamic Economics (Frisch, 1933) is one of the most influential papers in the development of econometrics, mathematical economics and business cycle analysis. In the present article it is claimed that Propagation Problems and Impulse Problems contains a fundamental blunder that has been unseen, regardless of the many reviews and of the importance of Frisch work, for more than 60 years. Most likely a prompt acknowledgment of this slip would have had a serious impact on the exchanges that Frisch had with J.M.Clark, Kalecki and Schumpeter and hence on the development of economic analysis. Why the gross error present in Propagation Problems and Impulse Problems went unnoticed for more than 60 years should be of interest to scholars of mathematical economics, business cycle theory and history of economic thought. Udgivelsesdato: Spring

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References

1948Foundations of Economic Analysis.1954History of Economic Analysis, by Joseph A. Schumpeter, Elizabeth Boody Schumpeter 1990The History of Econometric Ideas 1939Interactions between the Multiplier Analysis and the Principle of Acceleration 1940A Model of the Trade Cycle 1950A Contribution to the Theory of the Trade Cycle 1951The Nonlinear Accelerator and the Persistence of Business Cycles 1935A Macrodynamic Theory of Business Cycles

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