Cobweb Models

Abstract

In recent years, economists have become much interested in recursive models. This interest stems from a growing need for long-term economic projections and for forecasting the probable effects of economic programs and policies. In a dynamic world, past and present conditions help shape future conditions. Perhaps the simplest recursive model is the two-dimensional "cobweb diagram, " discussed by Ezekiel in 1938. The present paper attempts to generalize the simple cobweb model somewhat. It considers some effects of price supports. It discusses multidimensional cobwebs to describe simultaneous adjustments in prices and outputs of a number of commodities. And it allows for time trends in the variables.

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