The specification of multi-market disequilibrium econometric models

摘要

The specifications of multi-market disequilibrium econometric models areclouded with different concepts of effective demand. This paper points outthat the specification of such models for econometric analysis can be achievedfrom the basic concept of fixed price equilibrium and without the use of theconcepts of effective demand. The specifications of Ito and Gourieroux,Laffont and Monfort are justified within this framework.