JOHNASEN REGIONAL 1

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1、RegionalScienceandUrbanEconoinics14(1984)129-146.North-HollandAJOHANSENMODELFORREGIONALANALYSIS*LeongH.LIEWMelbourneUniversity,Parkville3052,AustraliaReceivedJune1983,finalversionreceivedOctober1983A‘bottoms-up’regionalmodeloftheJohansenclassallowingforpricesubstitution,flexibilityinclassifyingan

2、dreclassifyingvariablesintoexogenousorendogenouscategories,andeaseofcomputation,isconstructedtodemonstratetheattractivenessofJohansentypemodelsforregionalanalysis.Thesemodelshavebeenusedextensivelybyinternationaltradetheoristswithsuccess,butsurprisinglytheyhavenotcaughttheattentionofregionalecono

3、mists.1.IntroductionJohansentypemodels1havebeenusedextensivelyintheanalysisofinternationaltradesincetheseminalworkbyTaylorandBlack(1974).Forexample,usingaJohansentypemodel,deMelo(1978)studiedtheimpactofprotectiononresourceallocationwhileDervis(1980)analysedtheresourcepulleffectofadevaluationunder

4、exchangecontrol.GiventhepopularityofJohansentypemodelswitheconomistsstudyinginternationaltrade,itisperhapssurprisingthatthesetypeofmodelshavenotbecomepopularwithregionaleconomists.Inthispaper,wepresentaskeletalversionofaJohansentypemoheldesignedespeciallyforregionalanalysis.Ourmodelisdifferentfro

5、mtheoriginalmodelconstructedbyJohansen(1960)andtheJohansentypemodelsthatfollowedit.Johansen(1960)hadnotheoryofinternationaltradeanditwasnotuntiltheTaylorandBlack(1974)studythatJohansenmodelswereusedtostudyquestionsoninternationaltrade.OurmodeldiffersfromtheearlierJohansentypemodelsinitsemphasison

6、regionaldisaggregation.YnlikeotherJohansentypemodels,wehave(i)treatedcommoditiesofthesamekindcomingfromdifferentregionsasimperfectsubstitutesandhavemodeledinter-regionalcommodityflows,(ii)explicitregionalspecificfactorsupplyconstraints,thusallowingfactorpricestovaryacrossregions,and(iii)*Thispape

7、risbasedonaprojectonregionalmodellingcompletedattheIMPACTCentre,MelbourneUniversity.IwishtothankProfessorPeterDixonforhissupervisoryroleandananonymousrefereeforcommentsonanearlierdraftofthispaper.Allremainingerrorsando