Market imperfections in a general equilibrium framework. An empirical analysis

 
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1991 (EN)
Market imperfections in a general equilibrium framework. An empirical analysis (EN)

Karadeloglou, P (EN)
Mentzas, G (EN)
Capros, P (EN)

N/A (EN)

The present paper arises from efforts to include non-neoclassical features in empirical CGE models in order to represent market imperfections and rigidities. We examine the policy implications of adopting frameworks other than price induced market clearing in certain markets of a CGE model. In the course of the paper we design a general core CGE model and derive 12 alternative model variantsby allowing for market imperfections in the markets for goods, labour and foreign exchange; these variants represent various research directions in the literature. We investigate the role of such rigidities in evaluating the macroeconomic impacts of European market integration on a small open economy, namely Greece. © 1991. (EN)

journalArticle

TRADE (EN)
POLICY (EN)
European market integration (EN)
COUNTRIES (EN)
MODELS (EN)
Macroeconomic modelling (EN)
ECONOMIES (EN)
Computable general equilibrium models (EN)

Εθνικό Μετσόβιο Πολυτεχνείο (EL)
National Technical University of Athens (EN)

Economic Modelling (EN)

1991


BUTTERWORTH-HEINEMANN LTD (EN)



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