Qin, Duo; Lu, Maozu - In: Economic Change and Restructuring 31 (1998) 1, pp. 15-27
This paper investigates the dynamic structure of a standard disequilibrium model. By assuming that the model variables are non-stationary time series with respect to ample empirical evidence, we find the following: 1) it is the exogenous variables rather than the price adjustment process that...