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Methodological implications of the of extension of the number of considered markets in a non-Walrasian equilibrium model


  • Florin-Marius PAVELESCU

    () (Institute of National Economy, Romanian Academy)


This paper deals with the consequences of the extension of the number of markets that are taken into consideration in a non-Walrasian equilibrium model. It is reviewed the initial content of the theory of non-Walrasian equilibrium and emphasizes the main modelling factors of the respective equilibrium. It proposes the inclusion of the capital market in the model of non-Walrasian equilibrium and is also reveals the implications of the extension of the respective model to the classification of types of non-Walrasian equilibrium and to the content of macroeconomic and structural policies. Also, it proposes an econometric method for the estimation of the type of unemployment. The respective methodology is practically used in the case of Romania for the period 1991-2004.

Suggested Citation

  • Florin-Marius PAVELESCU, 2011. "Methodological implications of the of extension of the number of considered markets in a non-Walrasian equilibrium model," Romanian Journal of Economics, Institute of National Economy, vol. 33(2(42)), pages 203-215, December.
  • Handle: RePEc:ine:journl:v:2:y:2011:i:42:p:203-215

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    References listed on IDEAS

    1. Philippe Weil & Etienne Wasmer, 2004. "The macroeconomics of credit and labor market imperfections," ULB Institutional Repository 2013/13436, ULB -- Universite Libre de Bruxelles.
    2. Florin-Marius PAVELESCU, 2011. "Some aspects of the translog production function estimation," Romanian Journal of Economics, Institute of National Economy, vol. 32(1(41)), pages 131-150, June.
    3. Dobrescu, Emilian, 1996. "Macromodels of the Romanian transition Economy," MPRA Paper 35810, University Library of Munich, Germany.
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    More about this item


    mobilizing factor for economic activity; full Keynesian unemployment; partial Keynesian unemployment;

    JEL classification:

    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity


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