The Working of Econometric Models
Cambridge University Press, Nov 30, 1972 - Business & Economics - 339 pages
This book reports the results of five empirical studies undertaken in the early seventies by a collaboration headed by Professor Morishima. It deals with applications of the general equilibrium models whose theoretical aspects have been one of Professor Morishima's main interests. Four main econometric models are constructed for the USA, the UK, and Japan. These are used as a basis for the discussion of various topics in economic theory, such as: the existence and stability or instability of the neoclassical path of full employment growth equilibrium and a von Neumann-type path of balanced growth at constant proces; the antimony between price-stability and full employment; the Samuelson-LeChatelier principle; the theory of the balanced-budget multiplier; the three Hicksian laws of the gross substitutes system; the Brown-Jones super-multipliers of international trade, and so on. In addition, this 1972 work makes a quantitative evaluation for the US economy of monetary and fiscal policies as short-run measures for achieving full employment; the effectiveness of built-in flexibility of taxes in the UK economy is discussed; and estimates are made of the rapid decrease in disguised unemployment in post-war Japan.
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actual aggregate agriculture assume average Bank of Japan built-in flexibility calculated capital cent ceteris paribus Chemicals column computed constant consumption function corresponding disguised unemployment econometric economy elasticity employment ratio endogenous equation estimated excluding exogenous demand exports Fabricated metals factor cost figures final demand fixed investment forestry formula Goldberger government expenditure gross national income growth equilibrium HMSO impact multipliers imports income tax input coefficients input-output table investment Japan Leontief inverse logh long-run marginal propensity matrix ment metals Ministry of Labour multiplier effect national income nonmetal normalized prices o.of O.OI o.ol o.oob o.ool o.oor o.oos o.or o.org obtained outlay tax partial multipliers period personal income Petroleum price changes production function propensity to consume rate of growth relative prices relative wages respectively sector Statistics supermultiplier tax rates tax yield trade values variables wage rate