Capros P., P. Karadeloglou, G. Mentzas (1991) "Market Imperfections in a General Equilibrium Framework: An Empirical Analysis", Economic Modelling, Butterworth Pub.Co., Vol. 8, No 1, January 1991
The present paper is motivated 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 other frameworks 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 variants by allowing for market imperfections in the markets of 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 the European Market Integration for a small open economy, namely Greece.
For more information you can download the following file(s):
"Market Imperfections in a General Equilibrium Framework: An Empirical Analysis"
