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Market distortions and local indeterminacy: A general approach
Lloyd-Braga, Teresa; Modesto, Leonor; Seegmuller, Thomas - 2011
We provide a methodology to study the role of market distortions on the emergence of indeterminacy and bifurcations. Most of the specific market imperfections considered in the related literature are particular cases of our framework. Comparing them we obtain several equivalence results in terms...
Persistent link: https://www.econbiz.de/10010278392
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Imperfectly competitive cycles with Keynesian and Walrasian features
Kaas, Leo; Madden, Paul - 2000
We consider a multi-sector overlapping generations model with imperfectly competitive firms in the output markets and wage setting trade unions in the labour markets. A coordination problem between firms creates multiple temporary equilibria which are either Walrasian or of the Keynesian...
Persistent link: https://www.econbiz.de/10010292404
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On the origins of the Triffin dilemma: Empirical business cycle analysis and imperfect competition theory
Maes, Ivo - 2012
Robert Triffin became famous with his trenchant analyses of the vulnerabilities of the Bretton Woods system. These are still at the center of many discussions today. This paper argues that there is a remarkable continuity in Triffin's work. From his earliest writings, Triffin developed a vision...
Persistent link: https://www.econbiz.de/10011506760
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Imperfect Competition, Monetary Policy and Welfare in a Currency Area
Lombardo, Giovanni - 2002
This paper studies the implication, in terms of welfare and monetary policy, of unequal degrees of competition across members of a currency area. We look at two ways in which the degree of competition in the market for goods can affect welfare in a currency area. One is through different average...
Persistent link: https://www.econbiz.de/10010295738
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Environmental taxation and structural change in an open economy: a CGE analysis with imperfect competition and free entry
Böhringer, Christoph; Welsch, Heinz; Löschel, Andreas - 2001
economies of scale rise or fall in a particular industry depends on induced changes in the price elasticity of demand. Because … export demand is more price elastic than domestic demand, the overall price elasticity rises (falls) as the industry gains …
Persistent link: https://www.econbiz.de/10010297742
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Ramsey monetary policy and international relative prices
Faia, Ester; Monacelli, Tommaso - 2004
We analyze welfare maximizing monetary policy in a dynamic two-country model with price stickiness and imperfect …. Second, it allows to describe a full range of alternative dynamic equilibria when price setters in both countries are …
Persistent link: https://www.econbiz.de/10010298257
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Perfecting Imperfect Competition
Seißer, Goetz - 2008
marginal costs, the firm´s Lerner index. As a result every firm determines its own tax-rate by setting its price and incurring … society increases since firms with market power choose a lower price and produce a quantity closer or equal to social optimum …; at the original monopolistic price-level they can increase their profits by lowering their tax-burden. Essentially the …
Persistent link: https://www.econbiz.de/10010298564
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Is perfection optimal? Employment and product market competition
Amable, Bruno; Gatti, Donatella - 2000
premia. Increased competition pushes real wages up but effort incentive requirements prevent large wage adjustments. Hence …
Persistent link: https://www.econbiz.de/10010304143
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Fiscal policy under imperfect competition with flexible prices: An overview and survey
Costa, Luís F.; Dixon, Huw David - In: Economics: The Open-Access, Open-Assessment E-Journal 5 (2011) 2011-3, pp. 1-57
This paper surveys the link between imperfect competition and the effects of fiscal policy on output, employment and welfare. We examine static and dynamic models, with and without entry under a variety of assumptions using a common analytical framework. We find that in general there is a robust...
Persistent link: https://www.econbiz.de/10010304314
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Economic Integration, Imperfect Competition, and International Policy Coordination
Holmlund, Bertil; Kolm, Ann-Sofie - 1999
as a reduction in trade costs. We explore how market integration influences policy spillovers, employment and real wages …
Persistent link: https://www.econbiz.de/10010321760