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Modelling Market Power in Labour and Product Markets in a Dynamic Economy

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  • Huw David Dixon

    (University of York and Cesito Universtity of York,UK)

Abstract

In this paper a unified framework is developed for modeling imperfect competition in a monopolistic economy in a dynamic setting. Concentrating on the steady state analysis, a graphical approach is developed in consumption/leisure space. In both cases, there is a distortion towards leisure and away from consumption/work. The unionized economy is dynamically efficient, in the sense that the marginal product of capital equals discount rate. However, the monopolistic economy is not: the marginal product of capital exceeds the discount rate. This enables us to compare the outcomes in terms of productivity, utility and employment.

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Bibliographic Info

Article provided by Cyprus Economic Society and University of Cyprus in its journal Ekonomia.

Volume (Year): 4 (2000)
Issue (Month): 2 (Winter)
Pages: 104-121
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Handle: RePEc:ekn:ekonom:v:4:y:2000:i:2:p:104-121

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Web page: http://www.ekonomia.ucy.ac.cy/society.html
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Marta Aloi Huw Dixon & Phillip Lawler, . "The Multiplier in an Economy with Monopolistic Output Markets and Competitive Labour Markets," Discussion Papers 96/29, Department of Economics, University of York.
  2. Jordi Gali, 1995. "Non-Walrasian Unemployment Fluctuations," NBER Working Papers 5337, National Bureau of Economic Research, Inc.
  3. Startz, Richard, 1989. "Monopolistic Competition as a Foundation for Keynesian Macroeconomic Models," The Quarterly Journal of Economics, MIT Press, vol. 104(4), pages 737-52, November.
  4. Heijdra, Ben J, 1998. "Fiscal Policy Multipliers: The Role of Monopolistic Competition, Scale Economies, and Intertemporal Substitution in Labour Supply," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(3), pages 659-96, August.
  5. Maurice Obstfeld & Kenneth Rogoff, 1996. "Exchange Rate Dynamics Redux," NBER Working Papers 4693, National Bureau of Economic Research, Inc.
  6. Julio J. Rotemberg & Michael Woodford, 1993. "Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets," NBER Working Papers 4502, National Bureau of Economic Research, Inc.
  7. Gali, Jordi, 1996. "Unemployment in dynamic general equilibrium economies," European Economic Review, Elsevier, vol. 40(3-5), pages 839-845, April.
  8. Dixon, Huw, 1987. "A Simple Model of Imperfect Competition with Walrasian Features," Oxford Economic Papers, Oxford University Press, vol. 39(1), pages 134-60, March.
  9. N. Gregory Mankiw, 1989. "Imperfect Competition and the Keynesian Cross," NBER Working Papers 2386, National Bureau of Economic Research, Inc.
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Cited by:
  1. Gorostiaga, Arantza, 2003. "Should fiscal policy be different in a non-competitive framework?," Journal of Monetary Economics, Elsevier, vol. 50(6), pages 1311-1331, September.

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