competitive general equilibrium where goods prices, technology and factor supplies jointly determine outputs and factor prices. We …, prices, and factor supplies. The model is based on the neoclassical theory of production, and is implemented by assuming that … GDP is a function of prices, technology levels, and supplies of capital and different types of labor. We treat final goods …

This paper quantifies the effects of drug monopolies and low per-capita income on pharmaceutical prices in developing …

shocks driving the economy and the systematic response of monetary policy to inflation: More flexible prices amplify the … shocks, ask: Would the U.S. economy have been more or less stable had prices been more flexible than historically? Our main …