The Disequilibrium Model in a Controlled Economy: Reply and Further Results
Abstract
Barbara Katz and Machiko Nissanke have presented two comments that are critical of my application of the Barro-Grossman disequilibrium model to the Soviet Union. In the empirical work reported in my 1976 article, I found that the disequilibrium model performed well in that the Soviet data were consistent with the model's predictions. In the present paper, I will not only reply to the criticisms in the Katz and Nissanke papers, but will also report some additional results.
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