Abstract
The primary concern of the preceding analysis has been the choice of an appropriate specification for the estimation of models with markets that do not equilibrate by a Walrasian mechanism. In Part II, we have described and discussed the relative merits of various econometric specifications of the disequilibrium model stressing practical macroeconomic application, and we have advocated a specification incorporating exact excess demand indicators. Part III dealt with the implementation of this exact excess demand specification in a single market labor model context, and in this model, the consequences for the parameter estimates of assuming a deterministic excess demand indicator were also explored. Part IV used the exact excess demand specification to estimate a structurally complex, dynamic, three-market macroeconomic disequilibrium model.
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© 1987 Springer-Verlag Berlin Heidelberg
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Rudebusch, G.D. (1987). Whither Disequilibrium?. In: The Estimation of Macroeconomic Disequilibrium Models with Regime Classification Information. Lecture Notes in Economics and Mathematical Systems, vol 288. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-45625-1_12
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DOI: https://doi.org/10.1007/978-3-642-45625-1_12
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-17757-9
Online ISBN: 978-3-642-45625-1
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