Equilibrium and Disequilibrium in a Disaggregated Classical Model

László Halpern () and György Molnár

Chapter 8 in Prices, Growth and Cycles, 1997, pp 149-160 from Palgrave Macmillan

Abstract: Abstract Between 1985 and 1989 we made an extensive investigation (Halpern and Molnár, 1985, 1989) of Bródy’s well-known stationary model.1 Our aim was to analyze the structural relations of the Hungarian economy and to reveal the interindustry aspects of the development preferences of economic policy. We modelled the structural relations of the economy in such a way that the structure of equilibrium was simultaneously determined from the production-accumulation side and the price-income side, taking into account the most important consistency relations between these two sides. As a matter of fact, with the help of the flow and stock input matrices of interindustry relations we first determined the model’s equilibrium structure of prices and outputs. This ensured uniform accumulation to a fixed asset ratio, growth rate and profit rate by industries.

Keywords: Capacity Utilization; Equilibrium Path; Price Regulation; Fixed Asset; Money Stock (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-25275-6_8

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DOI: 10.1007/978-1-349-25275-6_8

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