Dynamic Macroeconomics With Imperfect Competition PDF Download
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Author | : Leo Kaas |
Publisher | : Springer Science & Business Media |
Total Pages | : 166 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 3642584799 |
Download Dynamic Macroeconomics with Imperfect Competition Book in PDF, ePub and Kindle
This thesis was stimulated throughout the time of my participation in a research project on Dynamic Macroeconomics, supported by the German Research Foundation (DFG). The starting point was the central question of how to integrate price setting firms in a dynamic disequilibrium model. Almost all recent literature on imperfect competition in macroeconomics applies the objective demand approach by assuming that firms know the true demand curve they are faced with. While this approach can be ap plied in temporary monetary equilibrium models, it proves inadequate for formulating price adjustment in a dynamic disequilibrium model, where it has to be replaced by the concept of subjective demand. Based on this distinction, the thesis starts out with a comparison of the concepts of subjective and objective demand in an abstract framework and surveys the literature on general equilibrium theory with imperfect competition. The objective demand approach is criticized not only on the grounds of its strong rationality requirements and existence problems, but also by the observation that it cannot be applied successfully to characterize determinate rational expectations equilibria in intertemporal macroeco nomics. Finally, price setting firms using subjective demand functions are integrated in a dynamic disequilibrium model in order to study mo nopolistic and oligopolistic price adjustment.
Author | : Jean-Pascal Benassy |
Publisher | : MIT Press |
Total Pages | : 296 |
Release | : 2005-01-14 |
Genre | : Business & Economics |
ISBN | : 9780262261739 |
Download The Macroeconomics of Imperfect Competition and Nonclearing Markets Book in PDF, ePub and Kindle
In this book, Jean-Pascal Benassy attempts to integrate into a single unified framework dynamic macroeconomic models reflecting such diverse lines of thought as general equilibrium theory, imperfect competition, Keynesian theory, and rational expectations. He begins with a simple microeconomic synthesis of imperfect competition and nonclearing markets in general equilibrium under rational expectations. He then applies this framework to a large number of dynamic macroeconomic models, covering such topics as persistent unemployment, endogenous growth, and optimal fiscal-monetary policies. The macroeconomic methodology he uses is similar in spirit to that of the popular real business cycles theory, but the scope is much wider. All of the models are solved "by hand," making the underlying economic mechanisms particularly clear.
Author | : Jean-Pascal Bénassy |
Publisher | : Mit Press |
Total Pages | : 272 |
Release | : 2002 |
Genre | : Business & Economics |
ISBN | : 9780262025287 |
Download The Macroeconomics of Imperfect Competition and Nonclearing Markets Book in PDF, ePub and Kindle
A single unified framework that integrates dynamic macroeconomics models on general equilibrium theory, imperfect competition, nonclearing markets, and rational expectations.
Author | : J.P. Bénassy |
Publisher | : |
Total Pages | : 0 |
Release | : 2002 |
Genre | : |
ISBN | : |
Download The macroeconomics of imperfect competition and nonclearing markets Book in PDF, ePub and Kindle
Author | : Marta Aloi |
Publisher | : |
Total Pages | : 386 |
Release | : 1999 |
Genre | : |
ISBN | : |
Download Macroeconomics and Imperfect Competition Book in PDF, ePub and Kindle
Author | : Julio Rotemberg |
Publisher | : |
Total Pages | : 82 |
Release | : 1993 |
Genre | : Competition |
ISBN | : |
Download Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets Book in PDF, ePub and Kindle
This paper discusses the consequences of introducing imperfectly competitive product markets into an otherwise standard neoclassical growth model. We pay particular attention to the consequences of imperfect competition for the explanation of fluctuations in aggregate economic activity. Market structures considered include monopolistic competition, the 'customer market' model of Phelps and Winter, and the implicit collusion model of Rotemberg and Saloner. Empirical evidence relevant to the numerical calibration of imperfectly competitive models is reviewed. The paper then analyzes the effects of imperfect competition upon the economy's response to several kinds of real shocks, including technology shocks, shocks to the level of government purchases, and shocks that change individual producers' degree of market power. It also discusses the role of imperfect competition in allowing for fluctuations due solely to self-fulfilling expectations.
Author | : Kiyohiko G. Nishimura |
Publisher | : Oxford University Press |
Total Pages | : 250 |
Release | : 1995 |
Genre | : Business & Economics |
ISBN | : 9780198290391 |
Download Imperfect Competition, Differential Information, and Microfoundations of Macroeconomics Book in PDF, ePub and Kindle
This volume links a microeconomic model of imperfectly informed firms and unions in monopolistic competition to a general theory of wage- and price-setting in a macroeconomic model. The analysis is based on a profit maximization and rational behaviour and is thus in line with the newly emerged New Keynesian approach in its emphasis on the microeconomic foundation of macroeconomics. The volume goes on to explain three stylized facts in macroeconomics: nominal rigidity, real rigidity, and cost-oriented prices, presented in a coherent New Keynesian framework. The analysis also provides new insight into the role of competition in an economy with imperfectly and differentially informed firms. It shows that increased competition may increase nominal as well as real price rigidity and increased volatility of investment.
Author | : Robert M. Solow |
Publisher | : Cambridge University Press |
Total Pages | : 90 |
Release | : 1998-11-28 |
Genre | : Business & Economics |
ISBN | : 9780521626163 |
Download Monopolistic Competition and Macroeconomic Theory Book in PDF, ePub and Kindle
Much of today's conventional macroeconomic theory presumes that markets for goods approach the state of perfect competition. Monopolistic Competition and Macroeconomic Theory assumes that markets are imperfect, so that sellers have some power over price, and must therefore form quantity expectations about the location of the firm's demand curve. The question is then about the macroeconomic implications of imperfect competition in goods markets. The first chapter is a brief survey of ideas proposed in economics including multiple equilibria. The second chapter describes a particular micro-based macro model that allows several families of equilibria. The third chapter shows how a standard locational model can be used to describe a sample macroeconomy when firms have close rivals. In this volume derived from his Federico Caffe Lecture, Nobel Laureate Robert Solow shows that there are simple and tractable micro-based models that offer the possibility of a richer and more intuitive macroeconomics.
Author | : Huw David Dixon |
Publisher | : Cambridge University Press |
Total Pages | : 408 |
Release | : 1995-10-19 |
Genre | : Business & Economics |
ISBN | : 9780521479479 |
Download The New Macroeconomics Book in PDF, ePub and Kindle
Brings together leading researchers from the USA and Europe to examine the literature on the new macroeconomics.
Author | : Jean-Olivier Hairault |
Publisher | : Springer Science & Business Media |
Total Pages | : 222 |
Release | : 2013-03-14 |
Genre | : Business & Economics |
ISBN | : 1475735987 |
Download Market Imperfections and Macroeconomic Dynamics Book in PDF, ePub and Kindle
Market Imperfections and Macroeconomic Dynamics is based upon a collection of papers originally presented at the 5th Theory and Methods in Macroeconomics (T2M) meeting in Paris, France, 2002. The contributions in this volume focus on a central theme: the aggregate dynamic consequences of market imperfections. Such effects are of great interest to researchers in macroeconomics as these imperfections play a primary role in the persistence of aggregate output, the characteristics of the business cycles and the interactions of agents over time. Incorporating up-to-date techniques and methods, these contributions exemplify the remarkable progress made by macroeconomists in tackling these issues. The primary market for Market Imperfections and Macroeconomic Dynamics is academic researchers in economics and graduate students specializing in macroeconomics. Divisions of economic studies in public administration and in financial organizations will also find this book beneficial.