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An Empirical Disequilibrium Model of Labor, Consumption, and Investment

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  • Rudebusch, Glenn D

Abstract

A macroeconomic disequilibrium model of the U.S. economy is constructed with three markets--one each for labor, consumption goods, and investment goods. Demand and supply in each market are obtained from underlying microeconomic theory, with adjustment costs and possible intermarket spillovers from quantity rationing taken into account. Indicators of excess demand for each market aid in estimation. No evidence is found for Walrasian market equilibrium. Copyright 1989 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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  • Rudebusch, Glenn D, 1989. "An Empirical Disequilibrium Model of Labor, Consumption, and Investment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 30(3), pages 633-654, August.
    • Handle: RePEc:ier:iecrev:v:30:y:1989:i:3:p:633-54
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    Cited by:

    1. Antoine Mandel & Vipin Veetil, 2020. "The Economic Cost of COVID Lockdowns: An Out-of-Equilibrium Analysis," Economics of Disasters and Climate Change, Springer, vol. 4(3), pages 431-451, October.
    2. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875.
    3. Paul Oslington, 2012. "General Equilibrium: Theory and Evidence," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 446-448, September.

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