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Lessons from the debate on Cole's model closure

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  • Jan Oosterhaven

    ()
    (Departments of Economics and of Spatial Sciences, University of Groningen, 9700 AV Groningen, The Netherlands)

Abstract

Cole (1989, 1997, 1999) advocates the introduction of expenditure lags and the fullest possible closure of single-region input-output models. Jackson et al. (1997, 1999) claim that closing also with regard to the Rest-of-the-World leads to inconsistencies and zero exogenous demand, which makes impact studies impossible. Using somewhat different arguments I agree with them: endogenous interregional feedbacks are conceptually impossible outside a full interregional model. Two hardly discussed points, however, remain for further research. First, closing with regard to all other regional demand is precarious too, as it empirically and theoretically amplifies the one-sidedness of the demand-driven input-output model. Realistic impact studies ask for models including supply-side aspects. Second, adding expenditure lags is an improvement, but the way in which this can be done and should be done requires further theoretical development.

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Bibliographic Info

Article provided by Springer in its journal Papers in Regional Science.

Volume (Year): 79 (2000)
Issue (Month): 2 ()
Pages: 233-242

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Handle: RePEc:spr:presci:v:79:y:2000:i:2:p:233-242

Note: Received: December 1999
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Related research

Keywords: Input-output analysis; social accounting; model closure; expenditure lags; supply effects;

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Cited by:
  1. Yasuhide Okuyama & Michael Sonis & Geoffrey Hewings, 2006. "Typology of structural change in a regional economy: a temporal inverse analysis," Economic Systems Research, Taylor & Francis Journals, vol. 18(2), pages 133-153.
  2. Maria Llop, 2012. "The role of saving and investment in a SAM price model," The Annals of Regional Science, Springer, vol. 48(1), pages 339-357, February.
  3. Oosterhaven, Jan, 2002. "On the dynamics of net versus gross multipliers," ERSA conference papers ersa02p005, European Regional Science Association.

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