Testing for Labor Market Equilibrium with an Exact Excess Demand Disequilibrium Model
在标准非均衡模型中加入市场超额需求的外部信息，简化了估计并改进了动态结构，利用美国战后劳动力市场数据检验市场均衡假设，结果拒绝了均衡假说。
A bstract-The standard disequilibrium model is supplemented with outside information on the extent of market excess demand. Estimation of this supplemented model is considerably less involved than that of the standard model, and certain desirable structural features, such as improved dynamics, are obtained. In addition, a simple nested test of the hypothesis of market equilibrium is available. The model is estimated with aggregate U.S. post-war labor market data, and the econometric test rejects the hypothesis of labor market equilibrium.