Disequilibrium Buffer Stock Models: A Survey
This survey evaluates the recent upsurge in buffer stock models. The paper describes the ideas common to most buffer stock models and divides them into four types depending on the assumptions made, and the equilibrium concept used. The main empirical implications are given in terms of the implied short-run adjustment of variables and how this relates to the transmission mechanism. The conclusion is that whilst the disequilibrium inherent in the buffer stock approach is plausible, it has yet to be demonstrated that it is empirically valid or how to correctly test for its presence.
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