A TEST OF A DISEQUILIBRIUM MODEL
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It is shown that an equilibrium model can be written as a nested hypothesis of a disequilibrium model in the sense that the former restricts parameter variations over time. It is then suggested to use the stability tests proposed in the literature for the test of a disequilibrium hypothesis. Fair's (1972) monthly housing market model is used for an empirical illustration, and a sampling experiment is also conducted. 1980.
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