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An endogenous Goodwin-Keynes business cycle model: Evidence for Germany (1991-2007)

Konstantakis, Konstantinos N. and Michaelides, Panayotis G. and Mariolis, Theodore (2014): An endogenous Goodwin-Keynes business cycle model: Evidence for Germany (1991-2007). Published in: Applied Economics Letters , Vol. 7, No. 21 (2014): pp. 481-486.

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Abstract

This article studies business cycles with the use of a novel Goodwin--Keynes type model. Based on its derived equations of motion and dynamic properties, we estimate the proposed model for the case of the German economy, the locomotive of the EMU, in the period 1991 to 2007, using relevant econometric techniques. The empirical estimation of the proposed model is very satisfactory, in contrast to previous efforts to empirically implement the original Goodwin model.

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