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| Author: | Qin, D. Lu, M. |
| Title: | Dynamic structure of disequilibrium models |
| Journal: | Economics of Planning
1998 : VOL. 31:1, p. 15-27 |
| Index terms: | PLANNING ECONOMICS MODELS |
| Language: | eng |
| Abstract: | This paper investigates the dynamic structure of a standard disequilibrium model. By assuming that the model variables are non-stationary time series with respect to ample empirical evidence, the authors find the following: 1) It is the exogenous variables rather than the price adjustment process that form the real adjustment force of the model; 2) Quantity disequilibrium and price disequilibrium are isometric in the model; 3) the disequilibrium process has a non-zero mean when the weakly exogenous variables of the demand equation do not cointegrate with those of the supply equation, corresponding to certain "cronic disequilibrium" phenomena. |
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