Stone–Geary meets CES: the properties of an extended linear expenditure system

Autor:	Ferran Sancho
Jazyk:	angličtina
Rok vydání:	2024
Předmět:	Linear expenditure systems Constant elasticity of substitution Calibrated demand functions Computable general equilibrium Economic growth development planning HD72-88 Economics as a science HB71-74
Zdroj:	Journal of Economic Structures, Vol 13, Iss 1, Pp 1-11 (2024)
Druh dokumentu:	article
ISSN:	2193-2409
DOI:	10.1186/s40008-024-00330-5
Popis:	Abstract The structure of demand plays a fundamental role in shaping economic equilibrium. In computable general equilibrium analysis, comparative statics allow us to simulate how policies or external adjustments impact the equilibrium state. The results of these simulations are significantly influenced by the nature of the adopted demand structure. Typically, homothetic demand structures are frequently used for simplicity in these equilibrium models, but they do not accurately capture demand behavior. In this text, we study the properties of a demand system that eliminates demand constraints often found in general equilibrium models. Specifically, we first explore the characteristics of a demand system that generalizes the standard Stone–Geary linear demand structure. Second, we illustrate its possibilities with an empirical application using available Spanish data.
Databáze:	Directory of Open Access Journals
Externí odkaz:	https://doaj.org/article/e17fede1b1db4fcab89e2da2fc36f2e7 Zobrazit plný text záznamu View record in DOAJ Plný text ve formátu PDF Plný text ve formátu HTML
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