Imperfect Competition and Sticky Prices

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Publisher : MIT Press
ISBN 13 : 9780262631334
Total Pages : 448 pages
Book Rating : 4.6/5 (313 download)

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Book Synopsis Imperfect Competition and Sticky Prices by : N. Gregory Mankiw

Download or read book Imperfect Competition and Sticky Prices written by N. Gregory Mankiw and published by MIT Press. This book was released on 1991 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: These two volumes bring together a set of important essays that represent a "new Keynesian" perspective in economics today. This recent work shows how the Keynesian approach to economic fluctuations can be supported by rigorous microeconomic models of economic behavior. The essays are grouped in seven parts that cover costly price adjustment, staggering of wages and prices, imperfect competition, coordination failures, and the markets for labor, credit, and goods. An overall introduction, brief introductions to each of the parts, and a bibliography of additional papers in the field round out this valuable collection.Volume 1 focuses on how friction in price setting at the microeconomic level leads to nominal rigidity at the macroeconomic level, and on the macroeconomic consequences of imperfect competition, including aggregate demand externalities and multipliers. Volume 2 addresses recent research on non-Walrasian features of the labor, credit, and goods markets. Contributors George A Akerlof, Costas Azariadis, Laurence Ball, Ben S. Bernanke, Mark Bits, Olivier J. Blanchard, Alan S. Blinder, John Bryant, Andrew S. Caplin, Dennis W. Carlton, Stephen G. Cecchetti, Russell Cooper, Peter A. Diamond, Gary Fethke, Stanley Fischer, Robert E. Hall, Oliver Hart, Andrew John, Nobuhiro Kiyotaki, Alan B. Krueger, David M. Lilien, Ian M. McDonald, N. David Mankiw, Arthur M. Okun, Andres Policano, David Romer, Julio J. Rotemberg, Garth Saloner, Carl Shapiro, Andrei Shleifer, Robert M. Solow, Daniel F. Spulber, Joseph E. Stiglitz, Lawrence H. Summers, John Taylor, Andrew Weiss, Michael Woodford, Janet L. Yellen

Imperfect Competition and Sticky Prices

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Publisher :
ISBN 13 : 9780262132664
Total Pages : 0 pages
Book Rating : 4.1/5 (326 download)

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Book Synopsis Imperfect Competition and Sticky Prices by : N. Gregory Mankiw

Download or read book Imperfect Competition and Sticky Prices written by N. Gregory Mankiw and published by . This book was released on 1991 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Sticky Prices, Coordination and Enforcement

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Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (849 download)

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Book Synopsis Sticky Prices, Coordination and Enforcement by : John C. Driscoll

Download or read book Sticky Prices, Coordination and Enforcement written by John C. Driscoll and published by . This book was released on 2003 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Imperfect Competition and the Effects of Energy Price Increases on Economic Activity

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Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Imperfect Competition and the Effects of Energy Price Increases on Economic Activity by : Julio Rotemberg

Download or read book Imperfect Competition and the Effects of Energy Price Increases on Economic Activity written by Julio Rotemberg and published by . This book was released on 1996 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 response of output and real wages in the United States. The responses are particularly consistent with a model of implicit collusion where markups depend positively on the ratio of the expected present value of future profits to the current level of output.

Macroeconomics and Imperfect Competition

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Author :
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 552 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Macroeconomics and Imperfect Competition by : Jean-Pascal Bénassy

Download or read book Macroeconomics and Imperfect Competition written by Jean-Pascal Bénassy and published by Edward Elgar Publishing. This book was released on 1995 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: The macroeconomics of imperect competition has become in recent years a most influential paradigm, which many macroeconomists now prefer to the Classical of Keynesian ones, notably because of its clear and rigorous microfoundations. This volume collects and puts into perspective the leading contributions to this important and rapidly expanding field.

Sticky Prices, Coordination, and Collusion

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Publisher :
ISBN 13 :
Total Pages : 14 pages
Book Rating : 4.:/5 (247 download)

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Book Synopsis Sticky Prices, Coordination, and Collusion by : John C. Driscoll

Download or read book Sticky Prices, Coordination, and Collusion written by John C. Driscoll and published by . This book was released on 1999 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: New Keynesian models of price setting under monopolistic competition involve two kinds of inefficiency: the price level is too high because firms ignore an aggregate demand externality, and when there are costs of changing prices, price stickiness may be an equilibrium response to changes in nominal money even when all agents would be better off if all adjusted prices. This paper models the consequences of allowing firms to coordinate, enforcing the coordination by punishing deviators; this is equivalent to modeling firms as an implicit cartel playing a punishment game. We show that coordination can partially or fully eliminate the first kind of inefficiency, depending on the magnitude of the punishment, but cannot always remove the second. The response of prices to a monetary shock will depend on the magnitude of the punishment, and may be asymmetric. Implications for the welfare cost of fluctuations also differ from the standard monopolistic competition case

New Keynesian Economics

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Author :
Publisher :
ISBN 13 : 9780262631341
Total Pages : 468 pages
Book Rating : 4.6/5 (313 download)

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Book Synopsis New Keynesian Economics by : N. Gregory Mankiw

Download or read book New Keynesian Economics written by N. Gregory Mankiw and published by . This book was released on 1991 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: New keynesian economics/ed. by N. Gregory Mankiw.-v.1

The Economics of Imperfect Competition

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Publisher :
ISBN 13 :
Total Pages : 376 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis The Economics of Imperfect Competition by : Joan Robinson

Download or read book The Economics of Imperfect Competition written by Joan Robinson and published by . This book was released on 1954 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Economics of Imperfect Competition

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Publisher :
ISBN 13 :
Total Pages : 352 pages
Book Rating : 4.:/5 (225 download)

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Book Synopsis The Economics of Imperfect Competition by : Joan Violet ROBINSON

Download or read book The Economics of Imperfect Competition written by Joan Violet ROBINSON and published by . This book was released on 1976 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Trade Policy Issues and Empirical Analysis

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Publisher : University of Chicago Press
ISBN 13 : 0226036510
Total Pages : 392 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis Trade Policy Issues and Empirical Analysis by : Robert E. Baldwin

Download or read book Trade Policy Issues and Empirical Analysis written by Robert E. Baldwin and published by University of Chicago Press. This book was released on 2008-04-15 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Interest in U.S. trade policy has been stimulated in recent years by the massive American trade deficit, by the belief that intervention by foreign governments in international markets has given other countries a competitive edge over the United States, and by concern about the increase in protectionism among industrial countries. In turn, major analytical developments in international economics have revolutionized trade theory, broadening its scope both by introducing in a more formal manner such concepts as imperfect competition, increasing returns, product differentiation, and learning effects and by including the study of political and economic factors that shape trade policy decisions. This collection of papers—the result of a conference held by the NBER—applies these "new" trade theories to existing world cases and also presents complementary empirical studies that are grounded in more traditional trade theories. The volume is divided into four parts. The papers in part 1 consider the problem of imperfect competition, empirically assessing the economic effect of various trade policies introduced in industries in which the "new" trade theory seems to apply. Those in part 2 isolate the effects of protection from the influences of the many economic changes that accompany actual periods of protection and also examine how the effects from exogenous changes in economic conditions vary with the form of protection. Part 3 provides new empirical evidence on the effect of foreign production by a country's firms on the home country's exports. Finally, in part 4, two key bilateral issues are analyzed: recent U.S.-Japanese trade tensions and the incident involving the threat of the imposition of countervailing duties by the United States on Canadian softwood lumber.

Pricing-to-Market and Market Structure

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Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Pricing-to-Market and Market Structure by : Roberto Tedeschi

Download or read book Pricing-to-Market and Market Structure written by Roberto Tedeschi and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stimulated by imperfect competition/sticky prices framework of the new open economy macroeconomics, empirical research has reconsidered the role of exchange rates in international adjustment. This paper reassesses the link between exchange rates and traded good prices by estimating pricing-to-market equations for the five main euro area countries over the period 1990-99. We minimize selection biases by keeping all manufacturing products and all destination markets and show that exchange rate pass-through (ERPT) is much larger, almost complete, than previously estimated. Thanks to a huge variability in terms of exchange rate variations, products and destination markets, we can map differences in ERPT into market structures and, at the same time, reconcile our results with the empirical literature. We find that ERPT is highly incomplete for sales by oligopolistic industries into advanced economies, indeed in the order of 50-60% as previously estimated. ERPT is instead almost complete in emerging and developing economies where therefore exchange rate movements can help adjust external imbalances. We also find that ERPT is largely asymmetric: it is almost complete after an appreciation of the exporter's currency, rather incomplete after a depreciation. This result is very robust across specifications.

Price Stability as a Nash Equilibrium in Monetary Open Economy Models

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Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.X/5 (6 download)

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Book Synopsis Price Stability as a Nash Equilibrium in Monetary Open Economy Models by : Gianluca Benigno

Download or read book Price Stability as a Nash Equilibrium in Monetary Open Economy Models written by Gianluca Benigno and published by . This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Economics of New Goods

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Publisher : University of Chicago Press
ISBN 13 : 0226074188
Total Pages : 508 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis The Economics of New Goods by : Timothy F. Bresnahan

Download or read book The Economics of New Goods written by Timothy F. Bresnahan and published by University of Chicago Press. This book was released on 2008-04-15 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt: New goods are at the heart of economic progress. The eleven essays in this volume include historical treatments of new goods and their diffusion; practical exercises in measurement addressed to recent and ongoing innovations; and real-world methods of devising quantitative adjustments for quality change. The lead article in Part I contains a striking analysis of the history of light over two millenia. Other essays in Part I develop new price indexes for automobiles back to 1906; trace the role of the air conditioner in the development of the American south; and treat the germ theory of disease as an economic innovation. In Part II essays measure the economic impact of more recent innovations, including anti-ulcer drugs, new breakfast cereals, and computers. Part III explores methods and defects in the treatment of quality change in the official price data of the United States, Canada, and Japan. This pathbreaking volume will interest anyone who studies economic growth, productivity, and the American standard of living.

Essays on Macroeconomics with Imperfect Competition in the Banking Sector

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Publisher :
ISBN 13 :
Total Pages : 63 pages
Book Rating : 4.:/5 (16 download)

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Book Synopsis Essays on Macroeconomics with Imperfect Competition in the Banking Sector by : Akio Ino

Download or read book Essays on Macroeconomics with Imperfect Competition in the Banking Sector written by Akio Ino and published by . This book was released on 2018 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first chapter, I introduce imperfect competition and entry and exit in the banking sector into an otherwise standard DSGE model. The model generates an amplification mechanism through bank entry and exit. In particular, if there is a positive productivity shock, borrowing to finance investment increases leading to higher bank profits and an increase in entry. Increased competition leads to a reduction in markups and encourages further investment. Compared to the model with perfect competition, imperfect competition in the banking sector increases the standard deviation of output by 7.5%. In the second chapter, I build a New Keynesian model with imperfect competition and entry and exit in the banking sector. The model generates an amplification mechanism through the interaction of sticky prices and bank entry and exit. With sticky prices, output becomes more persistent. For example, the first order auto-correlation increases from 0.93 under flexible price to 0.935. When there is a positive productivity shock, this increased persistence makes investment more profitable and encourages bank entry. As a result, the response of bank entry is always positive, which was not true under the flexible price version of the model. The model with sticky prices increases the standard deviation of output by 9.5% compared to the model with perfect competition and flexible prices. Since the model with imperfect competition and flexible prices increases the standard deviation of output by 7.5%, the contribution of sticky prices and its interaction with bank entry is 2.0%.

The Theory of Imperfect Competition

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Publisher :
ISBN 13 :
Total Pages : 205 pages
Book Rating : 4.:/5 (848 download)

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Book Synopsis The Theory of Imperfect Competition by : Donald J. Dewey

Download or read book The Theory of Imperfect Competition written by Donald J. Dewey and published by . This book was released on 1970 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Fiscal Policy Under Imperfect Competition with Flexible Prices

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Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (837 download)

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Book Synopsis Fiscal Policy Under Imperfect Competition with Flexible Prices by : Luis Filipe Pereira da Costa

Download or read book Fiscal Policy Under Imperfect Competition with Flexible Prices written by Luis Filipe Pereira da Costa and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Experience Goods, Customer Loyalty, and Sticky Prices in a Dynamic Market

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Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Experience Goods, Customer Loyalty, and Sticky Prices in a Dynamic Market by : Steven Alan Sharpe

Download or read book Experience Goods, Customer Loyalty, and Sticky Prices in a Dynamic Market written by Steven Alan Sharpe and published by . This book was released on 1986 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: