Disequilibrium goods market model for the U.S.A.: a disaggregated approach.
An approach known as smoothing by aggregation is paired with data for the period 1946-91 to show that the aggregate U.S. goods market is a disequilibrium market. Therefore, the Keynesian, rather than the new classical equilibrium framework, is more appropriate for analyzing the market. It is also...
| Publicado en: | Southern Economic Journal Vol. 61; pp. 415 - 426 |
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| Formato: | Artículo |
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Southern Economic Association
October 1994
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=512530217&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 512530217 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00384038 SEJ jtl: Southern Economic Journal issn: 00384038 maglogo: N pubinfo: dt: October 1994 vid: 61 pid: 1482 pub: Southern Economic Association artinfo: ui: 512530217 10.2307/1059988 ppf: 415 ppct: 11 formats: tig: atl: Disequilibrium goods market model for the U.S.A.: a disaggregated approach. aug: au: Bhaskara Rao, B. su: Aggregation (Statistics) Mathematical models of supply & demand Economic equilibrium sug: subj: Aggregation (Statistics) Mathematical models of supply & demand Economic equilibrium ab: An approach known as smoothing by aggregation is paired with data for the period 1946-91 to show that the aggregate U.S. goods market is a disequilibrium market. Therefore, the Keynesian, rather than the new classical equilibrium framework, is more appropriate for analyzing the market. It is also found that all the micro markets are unlikely to be in excess demand or excess supply states for a given time period, so the variance of excess demand across the micro markets is an important explanatory variable for output and price levels. In addition, aggregate supply is shown to be elastic in the short run, and the inflation rate is very sluggish, so fully anticipated exclusionary policies will have real effects for a sustained period. The findings also have implications for the specification of the labor demand function. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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