Tests of the Equilibrium Hypothesis in Disequilibrium Econometrics: An International Comparison of Credit Rationing
开发了基于部分价格调整的非均衡模型来检验均衡假设，并估计了美国和日本商业贷款市场的非均衡模型，比较了优惠利率调整速度。结果支持美国金融市场比日本更接近均衡的普遍观点。
The purpose of this paper is threefold: (i) to develop various tests of the equilibrium hypothesis using a partial price adjustment scheme in disequilibrium, (ii) to estimate disequilibrium models of the business loan markets in the United States and in Japan by the method proposed and (iii) to compare the adjustment speeds of the prime rate and to test the equilibrium hypothesis in each country.In the United States, the loan market may be considered to be in equilibrium with the real interest rate adjusting to market pressures.In Japan, the nominal rather than the real interest rate is believed to adjust to the market pressure of disequilibrium and the equilibrium hypothesis is rejected.Moreover, it is clear that the prime rate adjusts more slowly in Japan than in the United States.Our results support the popular view that the United States financial markets are closer to equilibrium than their Japanese counterparts.However, there is no evidence of different upward and downward adjustment speeds for either country.