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research notes: The phantom of the matrix: Inverting the case on closure in Cole's model

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  • Sam Cole

    () (Department of Planning, University at Buffalo, Buffalo, NY 14214, USA)

Abstract

In Closing the Case on Closure in Cole's Model Randall Jackson and Moss Madden critique my solution to the time-lagged regional input-output model. My rebuttal demonstrates that they: i) interpret my model incorrectly, ii) are inconsistent in their own specification, and iii) make inapplicable numerical comparisons between short- and long-term solutions. I show also iv) the correct solution to the totally closed model is neither trivial, nor singular, and v) this resolves the apparent paradox of infinite multipliers in a finite world. Moreover, vi) in my model, injecting exogenous demands equal to export earnings correctly reproduces the base output levels. The standard model does not meet this test.

Suggested Citation

  • Sam Cole, 1999. "research notes: The phantom of the matrix: Inverting the case on closure in Cole's model," Papers in Regional Science, Springer;Regional Science Association International, vol. 78(4), pages 429-436.
  • Handle: RePEc:spr:presci:v:78:y:1999:i:4:p:429-436
    Note: Received: 31 March 1999
    as

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    Keywords

    Input-output; Leontief inverse; distributed lags; regional analysis; economic impacts; social accounts;

    JEL classification:

    • R0 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • R15 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods
    • R34 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Input Demand Analysis

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