Dynamic Macroeconomics With Imperfect Competition

Author : Leo Kaas
Publisher : Springer Science & Business Media
Page : 166 pages
File Size : 40,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642584794

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Dynamic Macroeconomics with Imperfect Competition by Leo Kaas Pdf

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
Page : 296 pages
File Size : 49,6 Mb
Release : 2005-01-14
Category : Business & Economics
ISBN : 0262261731

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The Macroeconomics of Imperfect Competition and Nonclearing Markets by Jean-Pascal Benassy Pdf

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
Page : 272 pages
File Size : 51,5 Mb
Release : 2002
Category : Business & Economics
ISBN : 0262025280

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The Macroeconomics of Imperfect Competition and Nonclearing Markets by Jean-Pascal Bénassy Pdf

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 : Unknown
Page : 0 pages
File Size : 54,7 Mb
Release : 2002
Category : Electronic
ISBN : OCLC:987267309

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The macroeconomics of imperfect competition and nonclearing markets by J.P. Bénassy Pdf

Author : Julio Rotemberg,Michael Woodford
Publisher : Unknown
Page : 82 pages
File Size : 45,6 Mb
Release : 1993
Category : Competition
ISBN : UCSD:31822016816647

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Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets by Julio Rotemberg,Michael Woodford Pdf

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 : Huw David Dixon,Neil Rankin
Publisher : Cambridge University Press
Page : 408 pages
File Size : 49,8 Mb
Release : 1995-10-19
Category : Business & Economics
ISBN : 0521479479

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The New Macroeconomics by Huw David Dixon,Neil Rankin Pdf

Brings together leading researchers from the USA and Europe to examine the literature on the new macroeconomics.

Author : Julio Rotemberg
Publisher : Forgotten Books
Page : 70 pages
File Size : 43,9 Mb
Release : 2015-07-23
Category : Business & Economics
ISBN : 1330418794

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Dynamic General Equilibrium Models With Imperfectly Competitive Product Markets by Julio Rotemberg Pdf

Excerpt from Dynamic General Equilibrium Models With Imperfectly Competitive Product Markets This paper discusses the consequences of introducing imperfectly competitive product 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 on 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. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Author : Robert M. Solow
Publisher : Cambridge University Press
Page : 90 pages
File Size : 50,5 Mb
Release : 1998-11-28
Category : Business & Economics
ISBN : 0521626161

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Monopolistic Competition and Macroeconomic Theory by Robert M. Solow Pdf

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 : Kiyohiko G. Nishimura
Publisher : Oxford University Press
Page : 250 pages
File Size : 52,9 Mb
Release : 1995
Category : Business & Economics
ISBN : 019829039X

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Imperfect Competition, Differential Information, and Microfoundations of Macroeconomics by Kiyohiko G. Nishimura Pdf

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 : George R. Feiwel
Publisher : Springer
Page : 823 pages
File Size : 43,7 Mb
Release : 1989-06-18
Category : Business & Economics
ISBN : 9781349086306

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Economics of Imperfect Competition and Employment by George R. Feiwel Pdf

This study and its companion, "Joan Robinson and Economic Theory" looks at Joan Robinson, her impact upon modern economics, her challenges and critiques, and the advances made in the science and art of economics. It studies her ideas, themes and concerns from many different perspectives.

Author : Jean-Olivier Hairault,Hubert Kempf
Publisher : Springer Science & Business Media
Page : 222 pages
File Size : 43,8 Mb
Release : 2013-03-14
Category : Business & Economics
ISBN : 9781475735987

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Market Imperfections and Macroeconomic Dynamics by Jean-Olivier Hairault,Hubert Kempf Pdf

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.

Author : Gang Gong,Willi Semmler
Publisher : Oxford University Press
Page : 224 pages
File Size : 54,8 Mb
Release : 2006-01-19
Category : Business & Economics
ISBN : 9780190293871

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Stochastic Dynamic Macroeconomics by Gang Gong,Willi Semmler Pdf

This is a book on stochastic dynamic macroeconomics from a Keynesian perspective. It shows that including Keynesian features in intertemporal models considerably contributes to resolve major puzzles arising in the context of the Dynamic General Equilibrium (DGE) model. It also demonstrates that including microeconomic intertemporal behavior of economic agents in macroeconomics is not inconsistent with Keynesian economics.

Author : Jean-Pascal Bénassy
Publisher : Edward Elgar Publishing
Page : 552 pages
File Size : 52,9 Mb
Release : 1995
Category : Business & Economics
ISBN : STANFORD:36105060613275

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Macroeconomics and Imperfect Competition by Jean-Pascal Bénassy Pdf

The macroeconomics of imperect competition has become in recent years a most influential paradigm, which many macroeconomists now prefer to the Classical of Keynesian ones, notably because of its clear and rigorous microfoundations. This volume collects and puts into perspective the leading contributions to this important and rapidly expanding field.

Author : Luis C. Corchon
Publisher : Springer Science & Business Media
Page : 186 pages
File Size : 47,5 Mb
Release : 2013-04-17
Category : Business & Economics
ISBN : 9783662044988

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Theories of Imperfectly Competitive Markets by Luis C. Corchon Pdf

The ambition of the theory of imperfectly competitive markets is to explain the working of markets in which the issue of strategic interaction among firms is central. Our analysis of this problem will be based on equilibrium concepts borrowed from Game Theory. This research program arises several questions on its feasibility like the empirical relevance of the results, the substantial theoretical insights obtained in this way, etc. Unfortunately, most of these questions can not be answered in the short run. This book is written in the hope that this research strategy is meaningful, but about its final success no body can tell. Another important question is if simpler models could deliver the essential insights offered by the theory of imperfectly competitive mar kets. This Introduction will be devoted to argue that, currently, there is no alternative to the approach presented in this book. Consider the following fact: A square inch of soil in the Explanada of Ali cante (located in front of the sea, right in the middle of downtown) cost several times more than a square inch of soil in San Vicente del Raspeig (located sev eral miles toward the interior of the peninsula). l How can we explain such a thing? First notice that because of the large quantity of possible traders involved in this market, we can safely assume that any agent has to accept the market price, i. e. is a price-taker.

Author : J. R. Hicks
Publisher : Clarendon Press
Page : 182 pages
File Size : 54,6 Mb
Release : 1987-10-08
Category : Business & Economics
ISBN : 9780191521430

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Methods of Dynamic Economics by J. R. Hicks Pdf

Capital and Growth was published in 1965, and rapidly established itself as a landmark in economic theory. In this volume, Sir John takes his earlier work and examines it critically for its present-day value. The result is a substantially reworked book based on the first and best part of his 1965 publication. The theme, now more clearly identified, is a comparative study of the economics of change, and brings in many of Hicks's subsequent developments and refinements - in particular a 'neo-Austrian' theory of capital which he developed in Capital and Time(1973). A new chapter on Keynes's methods has been added. The sum is a more complete classification of the family of models appropriate for analysing dynamic economics.