Theory and Estimation of Macroeconomic Rationing Models

In: Lecture Notes in Economics and Mathematical Systems 191

Abstract

1. The Received Econometric Formulation of 2-Market Rationing Models -- 2. Statement of the Problem -- 3. Contents -- I : Theoretical Foundations -- 1. The Structure of Quantity Rationing Models -- 2. Effective Demand Theory -- II : Econometric Formulation of a 2-Market Macroeconomic Model -- 1. First Generation Models -- 2. A Disequilibrium Rationing Model -- 3. Estimation Methods -- Appendix 1 : Proof of Proposition 2.2 -- Appendix 2 : Proof of Proposition 2.3 -- Appendix 3 : Proof of Lemma 2.5 -- III : A Macroeconomic Rationing Model of the Belgian Economy -- 1. A Modified Cobb-Douglas Model -- 2. Labor Hoarding -- 3. Demand for Goods and Labor Supply -- 4. Solvability of the Model -- 5. The Stochastic Model and the Estimation Procedure -- 6. Empirical Results : the Output-Employment Trade-Off -- 7. Estimation of the employment equation -- Appendix 1 : Solvability of a QRM with Labor Hoarding -- Appendix 2 : Data Definitions and Sources -- Conclusion -- References.