Tests of the Chronic Shortage Hypothesis: The Case of Poland
Richard Portes,
Richard E Quandt and
Stephen Yeo
The Review of Economics and Statistics, 1988, vol. 70, issue 2, 288-95
Abstract:
In the analysis of econometric disequilibrium models, it is common to test the n ull hypothesis of "equilibrium" against the "disequilibrium" alternat ive. This paper tests the null hypothesis of "all-excess-demand"-tha all observations correspond to (positive) excess demand-against the alternative that permits excess demand of either sign. The auth ors use a test due to Rogers (1984), which their Monte Carlo experime nts suggest performs well in small samples, as well as a "quasi-like lihood ratio test," which is a suggestive heuristic procedure. The da ta are from the aggregate consumption goods market in Poland 1955-80, and the paper is, thus, a test of J. Kornai's assertion that "chroni c shortage" characterizes such CPEs. The results conclusively reject the "all-excess-demand" hypothesis for the Polish case, and the Rogers test promises to be of considerable practical use. Copyright 1988 by MIT Press.
Date: 1988
References: Add references at CitEc
Citations: View citations in EconPapers (2)
Downloads: (external link)
http://links.jstor.org/sici?sici=0034-6535%2819880 ... O%3B2-7&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:tpr:restat:v:70:y:1988:i:2:p:288-95
Ordering information: This journal article can be ordered from
https://mitpressjour ... rnal/?issn=0034-6535
Access Statistics for this article
The Review of Economics and Statistics is currently edited by Pierre Azoulay, Olivier Coibion, Will Dobbie, Raymond Fisman, Benjamin R. Handel, Brian A. Jacob, Kareen Rozen, Xiaoxia Shi, Tavneet Suri and Yi Xu
More articles in The Review of Economics and Statistics from MIT Press
Bibliographic data for series maintained by The MIT Press (mitp-repec@mit.edu).