Sluggish quantity adjustment in a non‐clearing market—a disequilibrium econometric application to the loan market
非出清市场中的数量调整迟滞：贷款市场的非均衡计量应用
Abstract The paper argues that the estimated speed of price adjustment in a disequilibrium econometric model is likely to be biased if allowance is not made for quantity adjustment inertia on both sides of the market. Furthermore, if the model estimated is static rather than dynamic then, in certain circumstances, an excess demand regime may be mistaken for one of excess supply and vice‐versa. In an empirical application to the loan market for the clearing banks in Ireland…