Disequilibrium Econometrics on Micro Data
Abstract
Estimation of macro-disequilibrium models is by now well-developed [see R. Quandt (1982), J. J. Laffont (1983) for recent surveys]. Though the empirical macro results are interesting, they suffer from an excessive aggregation which prevents a sufficiently precise discussion of the nature of unemployment. This paper brings some empirical evidence to the construction of a more disaggregated view of disequilibrium. Individual data on firms collected by INSEE through periodic Business Surveys is used to construct the distribution of firms over the four possible disequilibrium regimes. Then the behavior of this distribution over time is analyzed. Effects of some macro variables which are suggested by a simple micro-disequilibrium model in the spirit of J. Muellbauer (1978) and E. Malinvaud (1981) are assessed through the estimation of a conditional logit model on panel data.
Additional Information
Support from DGRST 81-E-1303 is gratefully acknowledged. We are indebted to E. Malinvaud and B. Ottenwaelter for giving us access to the individual data collected by INSEE. Published as Bouissou, Michel-Benoit, Jean-Jacques Laffont, and Quang H. Vuong. "Disequilibrium econometrics on micro data." The review of economic studies 53.1 (1986): 113-124.Attached Files
Submitted - sswp502.pdf
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Additional details
- Eprint ID
- 81660
- Resolver ID
- CaltechAUTHORS:20170920-162642711
- Direction Générale de la Recherche Scientifique et Technique
- DGRST 81-E-1303
- Created
-
2017-09-21Created from EPrint's datestamp field
- Updated
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2019-10-03Created from EPrint's last_modified field
- Caltech groups
- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 502