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We show that modifying the standard neoclassical growth model by assuming that competition is imperfect makes it easier to explain the size of the declines in output and real wages that follow increases in the price of oil. Plausibly parameterized models of this type are able to mimic the...
Persistent link: https://www.econbiz.de/10013226560
We show that modifying the standard neoclassical growth model by assuming that competition is imperfect makes it easier to explain the size of the declines in output and real wages that follow increases in the price of oil. Plausibly parameterized models of this type are able to mimic the...
Persistent link: https://www.econbiz.de/10012473211
We show that modifying the standard neoclassical growth model by assuming that competition is imperfect makes it easier to explain the size of the declines in output and real wages that follow increases in the price of oil. Plausibly parameterized models of this type are able to mimic the...
Persistent link: https://www.econbiz.de/10014030967
capital is firm-specific and endogenous, and investment is subject to convex adjustment costs. The aggregate-supply relation …
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