Autore
Andreassen, Leif

Titolo
General disequilibrium with log-linear prices
Periodico
Università degli studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis. Working paper series
Anno: 2010 - Volume: 9 - Fascicolo: 11 - Pagina iniziale: 1 - Pagina finale: 56

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 …rm is a separate micro labor market. The econometric speci…cation in the paper assumes log-linear virtual prices. Despite the use of such a simple speci…cation 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.



Testo completo: http://www.est.unito.it/do/home.pl/Download?doc=/allegati/wp2010dip/11_wp_andreassen.pdf

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