A very simple electrical AC generator can be made by spinning magnets around a fixed stator coil. The changing magnetic field induces current in the stator winding.

It would seem that at a fixed frequency, this system is best modeled as a current source with some series resistance and inductance. Is this a good model?

If so, it would suggest that the behavior of the system in an open-circuit scenario would be to generate a very high voltage at the output pins with zero current flow. Conversely, in a short circuit scenario, it would run a fixed amount of current through the loop which would be dissipated as heat in the series resistance (stator wires).