Dynamic General Equilibrium Models With Imperfectly Competitive Product Markets
Language: English
Published by Forgotten Books, 2018
- Softcover
- New
Seller: Forgotten Books, London, United KingdomForgotten Books
AbeBooks seller since June 2, 2021
Condition: New
£ 13.88
Quantity: Over 20 available
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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.…
Seller Inventory # 9781330418796_0
- Title
- Dynamic General Equilibrium Models With Imperfectly Competitive Product Markets
- Author
- Julio Rotemberg
- Publisher
- Forgotten Books
- Publication year
- 2018
- Condition
- New
- Book Type
- print-on-demand item
- Binding
- Paperback
- Language
- English
- ISBN 10
- 1330418794
- ISBN 13
- 9781330418796
- Seller catalogs
- Economics
A further aim of this paper is to show how existing empirical studies using data at various levels of aggregation can be used to obtain estimates of the departures from perfect competition and from constant returns. While our survey of this literature is far from complete, we show how existing evidence bears upon the calibration of certain of the key parameters of imperfectly competitive models.
Finally, the paper shows that incorporating imperfect competition into equilibrium business cycle theory is easy. It is true that, because the resulting allocation is not Pareto optimal, it is not possible to compute the equilibrium by considering the solution to a planning problem. However, familiar methods for the computation of dynamic general equilibrium models, that make use of an Euler equation characterization of equilibrium (as discussed in detail in the next chapter) can also be applied when markets are not perfectly competitive.
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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.
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Forgotten Books publishes hundreds of thousands of rare and classic books.
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.
This text has been digitally restored from a historical edition. Some errors may persist, however we consider it worth publishing due to the work's historical value.
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