Wage and price adjustment in a multimarket disequilibrium model
作者:
Bernard Salanie,
期刊:
Journal of Applied Econometrics
(WILEY Available online 1991)
卷期:
Volume 6,
issue 1
页码: 1-15
ISSN:0883-7252
年代: 1991
DOI:10.1002/jae.3950060102
出版商: Wiley Subscription Services, Inc., A Wiley Company
数据来源: WILEY
摘要:
AbstractThe estimation of wage and price adjustment equations rests heavily on the use of tension variables that aim at capturing the disequilibria in the labour and goods markets. Disequilibrium models therefore provide a natural way of endogenizing these tension variables. This paper estimates jointly a two‐market disequilibrium model and a wage and price adjustment block where price and wage growth react to excess effective demands. The estimation is carried out using the simulated pseudo‐maximum‐likelihood methods developed by Laroque and Salaniè (1989); the results look promising as regards the estimation of even more sophisticated
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