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A Mathematical Version of Garrison's Model

Tags Business Cycles

01/09/2017Nicolás CachanoskyAlexandre Padilla

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Quarterly Journal of Austrian Economics 19, no. 3 (Fall 2016)

ABSTRACT: We develop a simple mathematical version of Garrison’s model. The purpose to develop a mathematical framework is to (1) show how such representation can be used and (2) layout a path for future work that requires a more flexible version of Garrison’s treatment than the graphical exposition. While the graphical model is limited to three dimensions, a mathematical version can include more variables of interest. First, we develop the mathematical framework of Garrison’s treatment. Then we apply it to the cases of increase in savings, secular growth, and the Austrian business cycle theory.

KEYWORDS: business cycle, Austrian School, Garrison
JEL CLASSIFICATION: B53, E32
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Authors:

Nicolás Cachanosky

Nicolás Cachanosky, a native of Argentina, is assistant professor of economics at Metropolitan State University of Denver.

Contact Alexandre Padilla

Alexandre Padilla is an Associate Professor of Economics at Metropolitan State University of Denver.

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Cite This Article

Cachanosky, Nicolás, and Alexandre Padilla, "A Mathematical Version of Garrison's Model," Quarterly Journal of Austrian Economics 19, no. 3 (Fall 2016): 225–247.