This paper considers the econometric problems raised by multi-market disequilibrium models. It uses a specification which is derived from general disequilibrium theory and, therefore, provides a first bridge between the economic theory approach and the econometric theory approach of disequilibrium. The model is piecewise linear; the problem of the existence of a reduced form, which is a crucial issue in nonlinear models, is solved. Limited information estimators as well as full information estimators are proposed; a simple numerical algorithm is given for the computation of a FIML estimator.
MLA
Monfort, A., et al. “Disequilibrium Econometrics in Simultaneous Equations Systems.” Econometrica, vol. 48, .no 1, Econometric Society, 1980, pp. 75-96, https://www.jstor.org/stable/1912019
Chicago
Monfort, A., C. Gourieroux, and J. J. Laffont. “Disequilibrium Econometrics in Simultaneous Equations Systems.” Econometrica, 48, .no 1, (Econometric Society: 1980), 75-96. https://www.jstor.org/stable/1912019
APA
Monfort, A., Gourieroux, C., & Laffont, J. J. (1980). Disequilibrium Econometrics in Simultaneous Equations Systems. Econometrica, 48(1), 75-96. https://www.jstor.org/stable/1912019
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