Estimation In Disequilibrium Models With Aggregation

Estimation in Disequilibrium Models with Aggregation

The Collected Essays of Richard E. Quandt

Professor Richard Quandt has made a major contribution to the development of economics in the 20th century. The range and significance of his work has long required a collection of his essays which will allow his contribution to be assessed as a whole. Despite an early interest in microeconomic theory, Richard Quandt has devoted most of his career to econometrics and, in particular, modal split estimation. More recently his work has focused on the econometrics of disequilibrium models with reference to both free market and planned economies. As well as outlining his many articles in microtheory, general econometrics, disequilibrium modeling, financial economics and the economics of planned economies, this collection should have a particular value for all scholars interested in the emergence of the new economies in Eastern Europe, a subject to which Professor Quandt has applied himself in recent years. This book includes an introduction by Professor Quandt describing his early life in Budapest and the circumstances which led him to study economics in America.

Theory and Estimation of Macroeconomic Rationing Models

Introducing his book "The Theory of UnemPloyment Reconsidered", Professor Malinvaud expressed several years ago his hope "to convey [his] strong belief that the reconsideration is a major step in the development of our science". In view of the stimulating effect this approach has on economic research, it seems now that many economists do indeed share Malinvaud's belief and are ready to devote their time and their skill to ensure the realization of that progress. This book, grown out of a Ph. D. thesis presented at the Universit~ Catholique de Louvain, aims at contributing in its own way to that venture. Looking towards econometric applications, it illustrates that a framework h la Malinvaud (i. e. based on the theory of temporary equilibrium with rationing) provides the means of improving macro econometric modelling. There has been so far a wide and pervasive fear that, despite its analytical and theoretical usefulness, the quantity rationing approach would be much too complex to be successfully implemented into econometric models. The research the interested reader will discover in the subsequent pages should convince him that the difficulty faced by econometricians is essentially (I am tempted to say merely) one of developing an adequate methodology; it should thus disappear once is made the initial research investment. The empirical results presented towards the end of the book, though prelim inary, already suggests that the effort is rewarding and should be continued. My debts are many.