A General Equilibrium Econometric Model of the Open Economy
构建了一个小型多部门开放经济计量模型，用于评估国内信贷增长、商业政策和汇率对贸易流量、国内价格及贸易平衡的影响。
This paper is concerned with the specification and estimation of a small-scale multisector econometric model of an open economy. The model is formulated with the ultimate aim of assessing empirically the e-ffects of three key policy variables on trade flows, domestic prices, and the trade balance. The policy variables with which we are concerned are the rate of growth of the stock of domestic credit, commercial policy and the exchange rate. The model has its foundations in the general equilibrium models which are well known from the pure theory of international trade (e.g., Johnson [1971] and Jones [1965]), and it possesses three important general equilibrium characteristics. First, the economy's production point is constrained to lie on the transformation surface, the location and shape of which are determined by the economy's factor endowment and by techniology. Second, the behavior of consumers satisfies the three general demand-theoretic restrictions of homogeneity, symmetry of the substitution effects, and additivity. The final general equilibrium characteristic of the model is the role of the budget constraint. As emphasized by the absorption approach to the balance of payments (Alexander [1952]), an excess of imports over exports, for example, means that, from the budget constraint, domestic expenditure exceeds income. The role of the budget constraint is, therefore, to link imports, exports, domestic expenditure and income. This link is explicit in the model. There are three fundamental building blocks of the model. The first is a system of demand equations which represent the domestic consumer demands for the n individually distinguished commodities. The specific functional form