Publisher Summary This chapter reviews the recent literature on disequilibrium and
selectivity models. The cornerstone of the disequilibrium models is the minimum condition …

This paper estimates the cost of the lockdown of some sectors of the world economy in the
wake of COVID-19. We develop a multi sector disequilibrium model with buyer-seller …

This book presents the econometric analysis of single-equation and simultaneous-equation
models in which the jointly dependent variables can be continuous, categorical, or …

Problems involving causal inference have dogged at the heels of statistics since its earliest
days. Correlation does not imply causation, and yet causal conclusions drawn from a …

Definitions are proposed for weak and strong exogeneity in terms of the distribution of
observable variables. The objectives of the paper are to clarify the concepts involved, isolate …

Over two dozen different terms for identification appear in the econometrics literature,
including set identification, causal identification, local identification, generic identification …

There are very few aspects of economic policy that do not require some knowledge of
household or individual consumer behaviour. Moreover, the close interplay between …

This paper extends the Pearson chi-square testing method to non-dynamic parametric
econometric models, in particular, models with covariates. The paper introduces the test and …

In modeling disequilibrium macroeconomic systems which one would want to subject to
econometric estimation one typically faces the problem of whether the structural model can …

The centrally planned economies (CPEs) are said to suffer from sustained, significant
repressed inflation (Grossman (1966); Bush (1973)). With stable official prices, visitors …