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Macroeconomic Price and Quantity Responses with Heterogeneous Product Markets

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  • Dixon, Huw David

Abstract

How do heterogeneous types of product market competition affect the macroeconomic properties of the economy? The author considers an economy with three different types of product market: oligopolistic, competitive, and fix-price. He examines the effect of an increase in the money supply and how it is split between changes in price and quantity. The theme of the paper is that there is a whole range of possible macroeconomic behavior from a Keynesian pure-output response to a classical pure-price response. What matters is (1) the relative sizes of sectors and (2) the nature of preferences and technology. Copyright 1994 by Royal Economic Society.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 46 (1994)
Issue (Month): 3 (July)
Pages: 385-402

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Handle: RePEc:oup:oxecpp:v:46:y:1994:i:3:p:385-402

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Cited by:
  1. Le, Vo Phuong Mai & Meenagh, David & Minford, Patrick & Wickens, Michael, 2011. "How much nominal rigidity is there in the US economy? Testing a new Keynesian DSGE model using indirect inference," Journal of Economic Dynamics and Control, Elsevier, vol. 35(12), pages 2078-2104.
  2. David Dixon, Huw & Thustrup Hansen, Claus, 1999. "A mixed industrial structure magnifies the importance of menu costs," European Economic Review, Elsevier, vol. 43(8), pages 1475-1499, August.
  3. Huw Dixon & Engin Kara, 2007. "Persistence and Nominal Inertia in a Generalized Taylor Economy: How Longer Contracts Dominate Shorter Contracts," Discussion Papers 07-01, Department of Economics, University of Birmingham.
  4. Lai, Ching-chong & Chin, Chi-ting & Chang, Shu-hua, 2010. "Vertical separation versus vertical integration in a macroeconomic model with imperfect competition," International Review of Economics & Finance, Elsevier, vol. 19(4), pages 590-602, October.
  5. Dixon, Huw & Kara, Engin, 2011. "Contract length heterogeneity and the persistence of monetary shocks in a dynamic generalized Taylor economy," European Economic Review, Elsevier, vol. 55(2), pages 280-292, February.

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