An Empirical Disequilibrium Model of Labor, Consumption, and Investment

Glenn Rudebusch

International Economic Review, 1989, vol. 30, issue 3, 633-54

Abstract: 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.

Date: 1989
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://links.jstor.org/sici?sici=0020-6598%2819890 ... O%3B2-4&origin=repec full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ier:iecrev:v:30:y:1989:i:3:p:633-54

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0020-6598

Access Statistics for this article

International Economic Review is currently edited by Harold L. Cole

More articles in International Economic Review from Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association 160 McNeil Building, 3718 Locust Walk, Philadelphia, PA 19104-6297. Contact information at EDIRC.
Bibliographic data for series maintained by Wiley-Blackwell Digital Licensing () and ().