Wage and price adjustment in a multimarket disequilibrium model
联合估计了一个两市场非均衡模型与工资价格调整模块，其中价格和工资增长对有效超额需求做出反应，使用模拟伪极大似然方法进行估计，结果对更复杂模型的估计有前景。
Abstract The estimation of wage and price adjustment equations rests heavily on the use of tension variables that aim at capturing the disequilibria in the labour and goods markets. Disequilibrium models therefore provide a natural way of endogenizing these tension variables. This paper estimates jointly a two‐market disequilibrium model and a wage and price adjustment block where price and wage growth react to excess effective demands. The estimation is carried out using the simulated pseudo‐maximum‐likelihood methods developed by Laroque and Salaniè (1989); the results look promising as regards the estimation of even more sophisticated models.