A Disaggregated Disequilibrium Model of the Labour Market

Martyn Andrews and Stephen Nickell

Oxford Economic Papers, 1986, vol. 38, issue 3, 386-402

Abstract: This paper analyzes a number of disequilibrium mode ls of the labor market. The most general of these assumes that the aggregate mar ket consists of a series of submarkets, none of which are in excess demand, with the remainder being in excess supply. Assuming demands and supplies have a comm on structure across markets, with a normal error, then it is possible to write a ggregate employment as a nonlinear function of the common structure and the para meters of theerror distribution. Estimates of this model and various restricted versions of it are presented, including the standard run condition model and th e equilibrium model. Copyright 1986 by Royal Economic Society.

Date: 1986
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