Models of imperfect competition contain the possibility of multiple equilibria when the markup of price over marginal cost is negatively dependent on activity. The model most often used in applied work, the Dixit and Stiglitz (1977) model, is usually thought not to be able to produce such an...

This paper’s framework for GDP in chained prices yields GDP in constant prices as a special case of constant relative prices, i.e., these GDP measures differ only when relative prices change. The framework has a novel additive procedure, counter to the prevailing view that GDP in chained...

This paper derives formulas for additive "chained volume measures" (CVMs) of GDP subaggregates depending on the underlying GDP quantity index. In turn, this paper explains why the formulas used in current practice yield nonadditive CVMs. This paper's additive formulas have significant practical...