This paper discusses the consequences of introducing imperfectly competitive product markets into an otherwise standard neoclassical growth model. We pay particular attention to the consequences of imperfect competition for the explanation of fluctuations in aggregate economic activity. Market...

New Keynesian models and some models of growth rely on market power for their results. This sole focus on market power as the source for certain macroeconomic phenomena is misguided both theoretically and empirically. New Keynesian multipliers are closely related to standard measures of...

In this paper, we study imperfect competition on a scale-free network. A scale-free network is not exceptional but rather ubiquitous in reality. For this purpose, we construct a class of utility functions, from which relationships between firms in the form of networks are derived. A regional...