Sluggish quantity adjustment in a non‐clearing market—a disequilibrium econometric application to the loan market
指出非均衡计量模型中若忽略市场双方的数量调整惯性，价格调整速度估计会有偏；静态模型可能误判超额需求与超额供给。对爱尔兰清算银行贷款市场的实证支持了这一观点。
Abstract The paper argues that the estimated speed of price adjustment in a disequilibrium econometric model is likely to be biased if allowance is not made for quantity adjustment inertia on both sides of the market. Furthermore, if the model estimated is static rather than dynamic then, in certain circumstances, an excess demand regime may be mistaken for one of excess supply and vice‐versa. In an empirical application to the loan market for the clearing banks in Ireland we can claim to have obtained some support for this belief.