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Imperfect Competition, Expectations and the Multiple Effects of Monetary Growth

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  • Rankin, Neil

Abstract

In a monetary overlapping generations model with an imperfectly competitive labor market in which output is below its full-employment level, it is shown that different backward-looking rules for forecasting inflation lead to different steady states, despite yielding no forecast errors in the steady state and, in many cases, none in the short or medium run either. Higher monetary growth raises output in some steady states, in others has no effect, and in others lowers it. This contrasts with ad hoc or competitive macromodels where the absence of forecast errors in the steady state usually defines it and its properties uniquely. Copyright 1992 by Royal Economic Society.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 102 (1992)
Issue (Month): 413 (July)
Pages: 743-53

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Handle: RePEc:ecj:econjl:v:102:y:1992:i:413:p:743-53

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Cited by:
  1. Lasselle, Laurence S & Svizzero, Serge A, 2002. " Involuntary Unemployment in Imperfectly Competitive General Equilibrium Models," Journal of Economic Surveys, Wiley Blackwell, vol. 16(4), pages 487-507, September.
  2. L Kaas & P Madden, 2002. "Imperfectly Competitive Cycles with Keynesian and Walrasian Features," Centre for Growth and Business Cycle Research Discussion Paper Series 20, Economics, The Univeristy of Manchester.
  3. Neil Rankin, 2007. "Imperfect competition and the modelling of expectations in macroeconomics," Portuguese Economic Journal, Springer, vol. 6(3), pages 133-150, December.
  4. Kaas, Leo, 1998. "Multiplicity of Cournot Equilibria and Involuntary Unemployment," Journal of Economic Theory, Elsevier, vol. 80(2), pages 332-349, June.
  5. Laurence Lasselle & Serge Svizzero, 2000. "Imperfectly Competitive Business Cycles With Underemployment," CRIEFF Discussion Papers 0011, Centre for Research into Industry, Enterprise, Finance and the Firm.

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