Economics 508 Lecture 12 Introduction to Dynamic Simultaneous Equation Models
نویسنده
چکیده
Suppose we consider a commodity like oil, both demand and supply functions are subject to various shocks that shift the two curves around. What we see –at best– is a set of intersections. In the absence of any further information the problem of uncovering separate S and D curves is hopeless. This point was made in the classic (1928) paper of E. J. Working – “What do Statistical Demand Curves Show?”
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