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Disequilibrium Econometrics on Micro Data

Bouissou, M. B. and Laffont, Jean-Jacques and Vuong, Quang H. (1984) Disequilibrium Econometrics on Micro Data. Social Science Working Paper, 502. California Institute of Technology , Pasadena, CA. (Unpublished)

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Estimation of macro-disequilibrium models is by now well-developed [see R. Quandt (1982), J. J. Laffont (1983) for recent surveys]. Though the empirical macro results are interesting, they suffer from an excessive aggregation which prevents a sufficiently precise discussion of the nature of unemployment. This paper brings some empirical evidence to the construction of a more disaggregated view of disequilibrium. Individual data on firms collected by INSEE through periodic Business Surveys is used to construct the distribution of firms over the four possible disequilibrium regimes. Then the behavior of this distribution over time is analyzed. Effects of some macro variables which are suggested by a simple micro-disequilibrium model in the spirit of J. Muellbauer (1978) and E. Malinvaud (1981) are assessed through the estimation of a conditional logit model on panel data.

Item Type:Report or Paper (Working Paper)
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Additional Information:Support from DGRST 81-E-1303 is gratefully acknowledged. We are indebted to E. Malinvaud and B. Ottenwaelter for giving us access to the individual data collected by INSEE. Published as Bouissou, Michel-Benoit, Jean-Jacques Laffont, and Quang H. Vuong. "Disequilibrium econometrics on micro data." The review of economic studies 53.1 (1986): 113-124.
Group:Social Science Working Papers
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Direction Générale de la Recherche Scientifique et TechniqueDGRST 81-E-1303
Subject Keywords:Unemployment, Market disequilibrium, Keynesianism, Economic models, Public expenditures, Demand, Conditional probabilities, Mathematical models, Macroeconomics, Purchasing power
Series Name:Social Science Working Paper
Issue or Number:502
Record Number:CaltechAUTHORS:20170920-162642711
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:81660
Deposited By: Jacquelyn Bussone
Deposited On:21 Sep 2017 18:36
Last Modified:03 Oct 2019 18:45

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