Estimating disequilibrium models with limited a priori price-adjustment information

Economic theory imposes few a priori conditions on price adjustment and thus requires econometric disequilibrium models to be both sufficiently general and computationally tractable. The switching regression model of Lee and Porter (1984) meets these requirements. Unlike previous models, price adjus...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Veröffentlicht in:Journal of econometrics 1989-07, Vol.41 (3), p.303-320
1. Verfasser: Mayer, Walter J.
Format: Artikel
Sprache:eng
Schlagworte:
Online-Zugang:Volltext
Tags: Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
container_end_page 320
container_issue 3
container_start_page 303
container_title Journal of econometrics
container_volume 41
creator Mayer, Walter J.
description Economic theory imposes few a priori conditions on price adjustment and thus requires econometric disequilibrium models to be both sufficiently general and computationally tractable. The switching regression model of Lee and Porter (1984) meets these requirements. Unlike previous models, price adjustment enters without an explicit adjustment equation or the restriction that price changes reveal the sign of excess demand. I apply the model to the U.S. commercial loan market from 1979–1984. The estimates suggest a pattern of excess demand consistent with the financial developments of the period.
doi_str_mv 10.1016/0304-4076(89)90064-X
format Article
fullrecord <record><control><sourceid>proquest_cross</sourceid><recordid>TN_cdi_proquest_journals_196705546</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><els_id>030440768990064X</els_id><sourcerecordid>1297320710</sourcerecordid><originalsourceid>FETCH-LOGICAL-c459t-2c7306be241c78eac08280de5b043ac85076f7c1de535b5331a795f96152add13</originalsourceid><addsrcrecordid>eNp9UE1rHSEUlZJCX9P-gy6GdtMupr2OOuomUELSDwJZJIHsxKd3Eh9vxhd1UvLv4-SF7BrheETOOV4PIZ8ofKdA-x_AgLccZP9V6W8aoOft9Ruyokp2ba-0OCCrF8k78j7nDQAIrtiKXJzkEkZbwnTT-JDxbg7bsE5hHpsxetzm5l8ot802jKGgb2yzSyGmsJDD1vrNnMuIU2nCNMS0BMXpA3k72G3Gj898SK5OTy6Pf7dn57_-HP88ax0XurSdkwz6NXacOqnQOlCdAo9iDZxZp0SddpCO1hsm1oIxaqUWg-6p6Kz3lB2Sz_vcXYp3M-ZiNnFOU33SUN1LEIL3VfTlv6JOS9aBpFBVfK9yKeaccDD1g6NND4aCWTo2S4FmKdAobZ46NtfV9ndvS7hD9-LBulyc4mjuDbOc1u2hgupqZTZUsIrdwlBPHZjbMtawo31YbR3vAyaTXcDJoQ8JXTE-hteneQRSNZwt</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>1297320710</pqid></control><display><type>article</type><title>Estimating disequilibrium models with limited a priori price-adjustment information</title><source>RePEc</source><source>Elsevier ScienceDirect Journals Complete</source><source>Periodicals Index Online</source><creator>Mayer, Walter J.</creator><creatorcontrib>Mayer, Walter J.</creatorcontrib><description>Economic theory imposes few a priori conditions on price adjustment and thus requires econometric disequilibrium models to be both sufficiently general and computationally tractable. The switching regression model of Lee and Porter (1984) meets these requirements. Unlike previous models, price adjustment enters without an explicit adjustment equation or the restriction that price changes reveal the sign of excess demand. I apply the model to the U.S. commercial loan market from 1979–1984. The estimates suggest a pattern of excess demand consistent with the financial developments of the period.</description><identifier>ISSN: 0304-4076</identifier><identifier>EISSN: 1872-6895</identifier><identifier>DOI: 10.1016/0304-4076(89)90064-X</identifier><identifier>CODEN: JECMB6</identifier><language>eng</language><publisher>Amsterdam: Elsevier B.V</publisher><subject>Classification ; Commercial credit ; Demand ; Disequilibrium ; Econometrics ; Economic theory ; Estimating techniques ; History ; Loans ; Mathematical models ; Price level changes</subject><ispartof>Journal of econometrics, 1989-07, Vol.41 (3), p.303-320</ispartof><rights>1989</rights><rights>Copyright Elsevier Sequoia S.A. Jul 1989</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c459t-2c7306be241c78eac08280de5b043ac85076f7c1de535b5331a795f96152add13</citedby><cites>FETCH-LOGICAL-c459t-2c7306be241c78eac08280de5b043ac85076f7c1de535b5331a795f96152add13</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://www.sciencedirect.com/science/article/pii/030440768990064X$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>314,776,780,3537,3994,27846,27901,27902,65534</link.rule.ids><backlink>$$Uhttp://econpapers.repec.org/article/eeeeconom/v_3a41_3ay_3a1989_3ai_3a3_3ap_3a303-320.htm$$DView record in RePEc$$Hfree_for_read</backlink></links><search><creatorcontrib>Mayer, Walter J.</creatorcontrib><title>Estimating disequilibrium models with limited a priori price-adjustment information</title><title>Journal of econometrics</title><description>Economic theory imposes few a priori conditions on price adjustment and thus requires econometric disequilibrium models to be both sufficiently general and computationally tractable. The switching regression model of Lee and Porter (1984) meets these requirements. Unlike previous models, price adjustment enters without an explicit adjustment equation or the restriction that price changes reveal the sign of excess demand. I apply the model to the U.S. commercial loan market from 1979–1984. The estimates suggest a pattern of excess demand consistent with the financial developments of the period.</description><subject>Classification</subject><subject>Commercial credit</subject><subject>Demand</subject><subject>Disequilibrium</subject><subject>Econometrics</subject><subject>Economic theory</subject><subject>Estimating techniques</subject><subject>History</subject><subject>Loans</subject><subject>Mathematical models</subject><subject>Price level changes</subject><issn>0304-4076</issn><issn>1872-6895</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>1989</creationdate><recordtype>article</recordtype><sourceid>X2L</sourceid><sourceid>K30</sourceid><recordid>eNp9UE1rHSEUlZJCX9P-gy6GdtMupr2OOuomUELSDwJZJIHsxKd3Eh9vxhd1UvLv4-SF7BrheETOOV4PIZ8ofKdA-x_AgLccZP9V6W8aoOft9Ruyokp2ba-0OCCrF8k78j7nDQAIrtiKXJzkEkZbwnTT-JDxbg7bsE5hHpsxetzm5l8ot802jKGgb2yzSyGmsJDD1vrNnMuIU2nCNMS0BMXpA3k72G3Gj898SK5OTy6Pf7dn57_-HP88ax0XurSdkwz6NXacOqnQOlCdAo9iDZxZp0SddpCO1hsm1oIxaqUWg-6p6Kz3lB2Sz_vcXYp3M-ZiNnFOU33SUN1LEIL3VfTlv6JOS9aBpFBVfK9yKeaccDD1g6NND4aCWTo2S4FmKdAobZ46NtfV9ndvS7hD9-LBulyc4mjuDbOc1u2hgupqZTZUsIrdwlBPHZjbMtawo31YbR3vAyaTXcDJoQ8JXTE-hteneQRSNZwt</recordid><startdate>19890701</startdate><enddate>19890701</enddate><creator>Mayer, Walter J.</creator><general>Elsevier B.V</general><general>Elsevier</general><general>North-Holland Pub. Co</general><general>Elsevier Sequoia S.A</general><scope>DKI</scope><scope>X2L</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>FUVTR</scope><scope>IZSXY</scope><scope>K30</scope><scope>PAAUG</scope><scope>PAWHS</scope><scope>PAWZZ</scope><scope>PAXOH</scope><scope>PBHAV</scope><scope>PBQSW</scope><scope>PBYQZ</scope><scope>PCIWU</scope><scope>PCMID</scope><scope>PCZJX</scope><scope>PDGRG</scope><scope>PDWWI</scope><scope>PETMR</scope><scope>PFVGT</scope><scope>PGXDX</scope><scope>PIHIL</scope><scope>PISVA</scope><scope>PJCTQ</scope><scope>PJTMS</scope><scope>PLCHJ</scope><scope>PMHAD</scope><scope>PNQDJ</scope><scope>POUND</scope><scope>PPLAD</scope><scope>PQAPC</scope><scope>PQCAN</scope><scope>PQCMW</scope><scope>PQEME</scope><scope>PQHKH</scope><scope>PQMID</scope><scope>PQNCT</scope><scope>PQNET</scope><scope>PQSCT</scope><scope>PQSET</scope><scope>PSVJG</scope><scope>PVMQY</scope><scope>PZGFC</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>19890701</creationdate><title>Estimating disequilibrium models with limited a priori price-adjustment information</title><author>Mayer, Walter J.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c459t-2c7306be241c78eac08280de5b043ac85076f7c1de535b5331a795f96152add13</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>1989</creationdate><topic>Classification</topic><topic>Commercial credit</topic><topic>Demand</topic><topic>Disequilibrium</topic><topic>Econometrics</topic><topic>Economic theory</topic><topic>Estimating techniques</topic><topic>History</topic><topic>Loans</topic><topic>Mathematical models</topic><topic>Price level changes</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Mayer, Walter J.</creatorcontrib><collection>RePEc IDEAS</collection><collection>RePEc</collection><collection>CrossRef</collection><collection>Periodicals Index Online Segment 06</collection><collection>Periodicals Index Online Segment 30</collection><collection>Periodicals Index Online</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - West</collection><collection>Primary Sources Access (Plan D) - International</collection><collection>Primary Sources Access &amp; Build (Plan A) - MEA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Midwest</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Northeast</collection><collection>Primary Sources Access (Plan D) - Southeast</collection><collection>Primary Sources Access (Plan D) - North Central</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Southeast</collection><collection>Primary Sources Access (Plan D) - South Central</collection><collection>Primary Sources Access &amp; Build (Plan A) - UK / I</collection><collection>Primary Sources Access (Plan D) - Canada</collection><collection>Primary Sources Access (Plan D) - EMEALA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - North Central</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - South Central</collection><collection>Primary Sources Access &amp; Build (Plan A) - International</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - International</collection><collection>Primary Sources Access (Plan D) - West</collection><collection>Periodicals Index Online Segments 1-50</collection><collection>Primary Sources Access (Plan D) - APAC</collection><collection>Primary Sources Access (Plan D) - Midwest</collection><collection>Primary Sources Access (Plan D) - MEA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Canada</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - UK / I</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - EMEALA</collection><collection>Primary Sources Access &amp; Build (Plan A) - APAC</collection><collection>Primary Sources Access &amp; Build (Plan A) - Canada</collection><collection>Primary Sources Access &amp; Build (Plan A) - West</collection><collection>Primary Sources Access &amp; Build (Plan A) - EMEALA</collection><collection>Primary Sources Access (Plan D) - Northeast</collection><collection>Primary Sources Access &amp; Build (Plan A) - Midwest</collection><collection>Primary Sources Access &amp; Build (Plan A) - North Central</collection><collection>Primary Sources Access &amp; Build (Plan A) - Northeast</collection><collection>Primary Sources Access &amp; Build (Plan A) - South Central</collection><collection>Primary Sources Access &amp; Build (Plan A) - Southeast</collection><collection>Primary Sources Access (Plan D) - UK / I</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - APAC</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - MEA</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Journal of econometrics</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Mayer, Walter J.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Estimating disequilibrium models with limited a priori price-adjustment information</atitle><jtitle>Journal of econometrics</jtitle><date>1989-07-01</date><risdate>1989</risdate><volume>41</volume><issue>3</issue><spage>303</spage><epage>320</epage><pages>303-320</pages><issn>0304-4076</issn><eissn>1872-6895</eissn><coden>JECMB6</coden><abstract>Economic theory imposes few a priori conditions on price adjustment and thus requires econometric disequilibrium models to be both sufficiently general and computationally tractable. The switching regression model of Lee and Porter (1984) meets these requirements. Unlike previous models, price adjustment enters without an explicit adjustment equation or the restriction that price changes reveal the sign of excess demand. I apply the model to the U.S. commercial loan market from 1979–1984. The estimates suggest a pattern of excess demand consistent with the financial developments of the period.</abstract><cop>Amsterdam</cop><pub>Elsevier B.V</pub><doi>10.1016/0304-4076(89)90064-X</doi><tpages>18</tpages></addata></record>
fulltext fulltext
identifier ISSN: 0304-4076
ispartof Journal of econometrics, 1989-07, Vol.41 (3), p.303-320
issn 0304-4076
1872-6895
language eng
recordid cdi_proquest_journals_196705546
source RePEc; Elsevier ScienceDirect Journals Complete; Periodicals Index Online
subjects Classification
Commercial credit
Demand
Disequilibrium
Econometrics
Economic theory
Estimating techniques
History
Loans
Mathematical models
Price level changes
title Estimating disequilibrium models with limited a priori price-adjustment information
url https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-02-19T09%3A15%3A38IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Estimating%20disequilibrium%20models%20with%20limited%20a%20priori%20price-adjustment%20information&rft.jtitle=Journal%20of%20econometrics&rft.au=Mayer,%20Walter%20J.&rft.date=1989-07-01&rft.volume=41&rft.issue=3&rft.spage=303&rft.epage=320&rft.pages=303-320&rft.issn=0304-4076&rft.eissn=1872-6895&rft.coden=JECMB6&rft_id=info:doi/10.1016/0304-4076(89)90064-X&rft_dat=%3Cproquest_cross%3E1297320710%3C/proquest_cross%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=1297320710&rft_id=info:pmid/&rft_els_id=030440768990064X&rfr_iscdi=true