Discussion Papers no. 138
A framework for estimating disequilibrium models with many markets
This paper presents a framework for estimating non-Walrasian models with many markets based on the virtual price approach in Lee (1986). The paper discusses an open economy multi-market non-Walrasian model with many agents and government production. The modeling of the labor markets is built on the assumption that each combination of worker and firm is a separate micro labor market. The econometric specification in the paper assumes log-linear virtual prices. Despite the use of such a simple specification it is apparent that when there are a large number of markets, the computational burden of estimation becomes heavy due to the large number of possible rationing regimes. The model presented in the paper can be viewed as a basis for either doing econometric work within a multi-market representative agent framework or for developing methods for aggregating across micro markets.
Om publikasjonen
- Tittel
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A framework for estimating disequilibrium models with many markets
- Ansvarlig
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Leif Andreassen
- Serie og -nummer
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Discussion Papers no. 138
- Utgiver
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Statistics Norway, Research Department
- Emne
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Discussion Papers
- Antall sider
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80
- Målform
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Engelsk
- Om Discussion Papers
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Discussion papers comprise research papers intended for international journals and books. A preprint of a Discussion Paper may be longer and more elaborate than a standard journal article as it may include intermediate calculations, background material etc.
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