An Empirical Disequilibrium Model of Labor, Consumption, and Investment.
A macroeconomic disequilibrium model of the U.S. economy is constructed with three markets--one each for labor, consumption goods, and investment goods. Demand and supply in each market are obtained from underlying microeconomic theory, with adjustment costs and possible intermarket spillovers from quantity rationing taken into account. Indicators of excess demand for each market aid in estimation. No evidence is found for Walrasian market equilibrium. Copyright 1989 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
Year of publication: |
1989
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Authors: | Rudebusch, Glenn D |
Published in: |
International Economic Review. - Department of Economics. - Vol. 30.1989, 3, p. 633-54
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Publisher: |
Department of Economics |
Saved in:
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