Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/192123 
Year of Publication: 
1995
Series/Report no.: 
Discussion Papers No. 139
Publisher: 
Statistics Norway, Research Department, Oslo
Abstract: 
This paper presents a method for aggregation across markets in a Non-Walrasian model, focusing mainly on labor markets. The method utilizes a probabilistic approach based on aggregating across virtual price functions instead of demand functions or budget shares as is normally done. By assuming log-linear virtual price functions and using the GEV distribution, it is possible to identify most of the micro structure of an economy in disequilibrium from observed aggregate variables. The paper discusses different possible indicators of disequilibrium in the labor market and presents some illustrative estimation results.
Subjects: 
Aggregation
disequilibrium
non-Walrasian models.
JEL: 
E1
C5
D5
Document Type: 
Working Paper
Document Version: 
Digitized Version

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