Asymmetric “Min” Condition and Estimation for Disequilibrium Markets: Comment
The fact that output is seldom limited by demand in centrally planned economies may, as Chang (1992) rightly stresses, simplify the task of modeling non-clearing markets. However, there are two grounds for skepticism about Chang's model of the market for consumption goods in China. First, his use of unadjusted output as a proxy for supply is suspect. Second, his consumption function and his disequilibrium indicator function are consistent only under restrictive and unverifiable conditions on variables determined outside of the model.
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Volume (Year): 35 (1993)
Issue (Month): 3 (September)
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