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General disequilibrium with log-linear prices

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    Abstract

    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 specifcation 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.

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    File URL: http://www.unito.it/unitoWAR/ShowBinary/FSRepo/D031/Allegati/WP2010Dip/11_WP_Andreassen.pdf
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    Bibliographic Info

    Paper provided by University of Turin in its series Department of Economics and Statistics Cognetti de Martiis. Working Papers with number 201011.

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    Length: 56 pages
    Date of creation: Sep 2010
    Date of revision:
    Handle: RePEc:uto:dipeco:201011

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    1. Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, vol. 61(1), pages 82-93, March.
    2. SNEESSENS, Henri R. & DREZE, Jacques H., . "A discussion of Belgian unemployment, combining traditional concepts and disequilibrium econometrics," CORE Discussion Papers RP -704, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. Dreze, Jacques & Bean, Charles R, 1990. " European Unemployment: Lessons from a Multicountry Econometric Study," Scandinavian Journal of Economics, Wiley Blackwell, vol. 92(2), pages 135-65.
    4. Feenstra, Robert C., 1986. "Functional equivalence between liquidity costs and the utility of money," Journal of Monetary Economics, Elsevier, vol. 17(2), pages 271-291, March.
    5. Benassy, Jean-Pascal, 1975. "Neo-Keynesian Disequilibrium Theory in a Monetary Economy," Review of Economic Studies, Wiley Blackwell, vol. 42(4), pages 503-23, October.
    6. Benassy, Jean-Pascal, 1987. "Imperfect competition, unemployment and policy," European Economic Review, Elsevier, vol. 31(1-2), pages 417-426.
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