Fiscal policy under imperfect competition with flexible prices: An overview and survey
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. --Download Info
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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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Related research
Keywords: Fiscal policy; imperfect competition;Find related papers by JEL classification:
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
References
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- D'Aspremont, C. & Dos Santos Ferreira, R. & Gerard-Varet, L.A., 1992.
"General Equilibrium Concepts Under Imperfect Competition: A Cournotien Approach,"
G.R.E.Q.A.M.
92a03, Universite Aix-Marseille III.
- 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, vol. 73(1), pages 199-230, March.
- D'ASPREMONT, Claude & DOS SANTOS , R. & GÉRARD-VARET, Louis-André, 1992. "General equilibrium concepts under imperfect competition: a Cournotion approach," CORE Discussion Papers 1992057, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Luís F. Costa, 2001.
"Endogenous Markups and Fiscal Policy,"
Working Papers
2001/06, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon..
- Luís F. Costa, 2004. "Endogenous Markups and Fiscal Policy," Manchester School, University of Manchester, vol. 72(s1), pages 55-71, 09.
- Luis Costa, 2004. "Endogenous markups and fiscal policy," Money Macro and Finance (MMF) Research Group Conference 2003 18, Money Macro and Finance Research Group.
- 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.
- Coto-Martinez, Javier & Dixon, Huw, 2003. "Profits, markups and entry: fiscal policy in an open economy," Journal of Economic Dynamics and Control, Elsevier, vol. 27(4), pages 573-597, February.
- Molana, Hassan & Montagna, Catia, 2000. "Market structure, cost asymmetries, and fiscal policy effectiveness," Economics Letters, Elsevier, vol. 68(1), pages 101-107, July.
- Heijdra, Ben J & van der Ploeg, Frederick, 1996. "Keynesian Multipliers and the Cost of Public Funds under Monopolistic Competition," Economic Journal, Royal Economic Society, vol. 106(438), pages 1284-96, September.
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