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Fiscal policy under imperfect competition with flexible prices: An overview and survey

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  • Costa, Luís F.
  • Dixon, Huw David

Abstract

This paper surveys the link between imperfect competition and the effects of fiscal policy on output, employment and welfare. We examine static and dynamic models, with and without entry under a variety of assumptions using a common analytical framework. We find that in general there is a robust relationship between the fiscal multiplier and welfare, the tantalizing possibility of Pareto improving fiscal policy is much more elusive. In general, the mechanisms are supply side, and so welfare improving policy, whilst possible, is not a general result. --

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File URL: http://dx.doi.org/10.5018/economics-ejournal.ja.2011-3
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Bibliographic Info

Article provided by Kiel Institute for the World Economy in its journal Economics: The Open-Access, Open-Assessment E-Journal.

Volume (Year): 5 (2011)
Issue (Month): 3 ()
Pages: 1-57

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Handle: RePEc:zbw:ifweej:20113

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Keywords: Fiscal policy; imperfect competition;

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References

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  1. d ASPREMONT, Claude & DOS SANTOS FERREIRA, Rodolphe & GERARD-VARET, Louis-André, 1994. "Imperfect Competition in an Overlapping Generations Model : A Case for Fiscal Policy," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 1994077, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Javier Coto-Martínez & Huw D. Dixon, 2001. "Profits, Markups and Entry: Fiscal Policy in an Open Economy," CESifo Working Paper Series 550, CESifo Group Munich.
  3. d'Aspremont, Claude & Dos Santos Ferreira, Rodolphe & Gerard-Varet, Louis-Andre, 1997. "General Equilibrium Concepts under Imperfect Competition: A Cournotian Approach," Journal of Economic Theory, Elsevier, Elsevier, vol. 73(1), pages 199-230, March.
  4. Claude d’ASPREMONT & Rodolphe DOS SANTOS FERREIRA & Louis-André GÉRARD-VARET, 1989. "Unemployment in a Cournot Oligopoly Model with Ford Effects," Discussion Papers (REL - Recherches Economiques de Louvain) 1989012, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  5. Luís F. Costa, 2001. "Endogenous Markups and Fiscal Policy," Working Papers Department of Economics, ISEG - School of Economics and Management, Department of Economics, University of Lisbon 2001/06, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  6. Hassan Molana & Catia Montagna, 1998. "Market Structure, Cost Asymmetries and Fiscal Policy Effectiveness," Dundee Discussion Papers in Economics, Economic Studies, University of Dundee 089, Economic Studies, University of Dundee.
  7. Heijdra, Ben J & van der Ploeg, Frederick, 1996. "Keynesian Multipliers and the Cost of Public Funds under Monopolistic Competition," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 106(438), pages 1284-96, September.
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Cited by:
  1. Brito, Paulo & Dixon, Huw David, 2012. "Fiscal policy, entry and capital accumulation: hump-shaped responses," Cardiff Economics Working Papers E2012/7, Cardiff University, Cardiff Business School, Economics Section.

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