Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets (Classic Reprint) - Couverture souple
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Présentation de l'éditeur
Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets Julio J. Rotemberg Michael Woodford Massachusetts Institute ofT echnology University of Chicago October 13, 1993 Abstract 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 mjirket model of Phelps and Winter, and the implicit collusion model of Rotemberg andS aloner. Empirical evidence relevant to the numerical calibration of imperfectly competitive models is reviewed. The paper then analyzes the effects of imperfect competition upon the economys 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. We wish to thank David Backus, Roland Benabou and participants at the Frontiers of Business Cycle Research for comments, Stephcinie Schmitt-G rohe and Martin Uribe for research iissistcince and the NSF for research support.
(Typographical errors above are due to OCR software and don't occur in the book.)
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Dynamic General Equilibrium Models With Imperfectly Competitive Product Markets
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Paperback. Etat : New. Print on Demand. This book explores imperfect competition in product markets and analyzes its consequences for macroeconomic fluctuations at business cycle frequencies. The author argues that imperfect competition is important because it makes equilibrium possible in the presence of increasing returns technologies and is a main reason why firms have market power. The book introduces new potential sources of employment fluctuations as well as providing a channel through which the importance of other shocks is increased. Providing a thorough overview of existing empirical studies using data at various levels of aggregation, the author shows how existing evidence bears upon the calibration of certain key parameters of imperfectly competitive models. Finally, the book demonstrates that incorporating imperfect competition into equilibrium business cycle theory is easy. The book will appeal to academics and advanced students working in macroeconomics and industrial organization. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. N° de réf. du vendeur 9781330418796_0
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Dynamic General Equilibrium Models With Imperfectly Competitive Product Markets Classic Reprint
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PAP. Etat : New. New Book. Shipped from UK. Established seller since 2000. N° de réf. du vendeur LW-9781330418796
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Dynamic General Equilibrium Models With Imperfectly Competitive Product Markets Classic Reprint
Vendeur : PBShop.store UK, Fairford, GLOS, Royaume-Uni
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PAP. Etat : New. New Book. Shipped from UK. Established seller since 2000. N° de réf. du vendeur LW-9781330418796
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