Monopolistic Competition, Business Cycles, and the Composition of Aggregate Demand
نویسندگان
چکیده
منابع مشابه
Monopolistic competition with a mail order business *
I analyse free-entry competition between stores and mail order businesses. Consumers purchasing at stores entail distance related transportation costs. Purchase from a mail order business (MOB) involves a fixed cost. Compared to Salop’s model [Salop, S.C., 1979. Monopolistic competition with outside goods. Bell Journal of Economics 10, 141–156], fewer firms are active with free-entry. At most o...
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متن کاملImperfect Demand Expectations and Endogenous Business Cycles
Optimal growth models aim at explaining long run trends of growth under the strong assumption of full efficiency in the allocation of resources. As a result, the steady state time paths of the main economic aggregates reflect constant, exogenous or endogenous, growth. To introduce business cycles in this optimality structure one has to consider some source of inefficiency. By assuming that firm...
متن کاملMonopolistic Competition: Theory and Applications
Under what circumstances will a monopolistic competitive market be characterized by too little or too much quality variation? How do excise taxes affect the monopolistic competitive equilibrium? Can an increase in the minimum wage lead firms to employ more workers but cause a reduction in industry wide employment? What will be the multiplier effect of a balancedbudget increase in government tax...
متن کاملMonopolistic competition Equilibrium and optimality*
Since the publication of Chamberlin's book [The Theory of Monopolistic Competition (1933)], there has been sorne controversy about what is implied by adopting the Monopolistic Competition point of view [see for example Stigler (1968, p. 320) vs. Samuelson (1958)]. The first formal model of Monopolistic Competition is due to Spence (1976). He showed that if the utility function of the sole consu...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 1994
ISSN: 0022-0531
DOI: 10.1006/jeth.1994.1033