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Abstract
Joint-stability in interindustry modeling relates to the mutual simultaneous consistency of the demand-driven and supply-driven models of Leontief and Ghosh, respectively. Previous work has claimed joint-stability to be an acceptable assumption from the empirical viewpoint, provided only small changes in exogenous variables are considered. We show in this note, however, that the issue has deeper theoretical roots, offering a mathematical demonstration that shows the impossibility of mutual consistency between demand-driven and supply-driven models. Mutual consistency would entail that coefficient matrices under both model versions would remain constant when the economic equilibrium changes following an external shock.
| Original language | English |
|---|---|
| Pages (from-to) | 4045-4048 |
| Number of pages | 4 |
| Journal | Applied Mathematics and Computation |
| Volume | 219 |
| Issue number | 8 |
| DOIs | |
| Publication status | Published - 15 Dec 2012 |
Keywords
- Demand-driven
- Interindustry modeling
- Joint-stability
- Supply-driven
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Dive into the research topics of 'A non-possibility theorem for joint stability in interindustry models'. Together they form a unique fingerprint.Projects
- 1 Finished
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Economia computacional, simulacion, salud, mercado de trabajo, economia regional.
Creel , M. D. (Principal Investigator), Guerra Hernandez, A. I. (Scholar), Cabeza Gutes, M. T. (Investigator), Farell Ferrer, M. (Investigator), Iorio , D. (Investigator), Manuel Alejandro Cardenete Flores (Investigator), Márquez Cebrián, D. (Investigator), Piñol Perez, C. (Investigator), Rodríguez Planas, N. (Investigator) & Sancho, F. (Investigator)
Spanish Ministry of Science and Innovation
1/01/10 → 30/09/13
Project: Research Projects and Other Grants