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Monopolistic Competition and Macroeconomic Theory

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  • Solow,Robert M.

Abstract

Much of today's conventional macroeconomic theory presumes that markets for goods approach the state of perfect competition. Monopolistic Competition and Macroeconomic Theory assumes that markets are imperfect, so that sellers have some power over price, and must therefore form quantity expectations about the location of the firm's demand curve. The question is then about the macroeconomic implications of imperfect competition in goods markets. The first chapter is a brief survey of ideas proposed in economics including multiple equilibria. The second chapter describes a particular micro-based macro model that allows several families of equilibria. The third chapter shows how a standard locational model can be used to describe a sample macroeconomy when firms have close rivals. In this volume derived from his Federico Caffe Lecture, Nobel Laureate Robert Solow shows that there are simple and tractable micro-based models that offer the possibility of a richer and more intuitive macroeconomics.

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Bibliographic Info

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This book is provided by Cambridge University Press in its series Cambridge Books with number 9780521626163 and published in 1998.

Order: http://www.cambridge.org/uk/catalogue/catalogue.asp?isbn=9780521626163
Handle: RePEc:cup:cbooks:9780521626163

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Cited by:
  1. Takashi Ohno, 2006. "On the Effects of Wage Pressure on the Unemployment Rate and Capital Share," German Economic Review, Verein für Socialpolitik, vol. 7, pages 389-401, November.
  2. Wesley Phoa & Sergio M. Focardi & Frank J. Fabozzi, 2007. "How do conflicting theories about financial markets coexist?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 29(3), pages 363-391, May.
  3. Partha Sen, 2005. "Perfect Competition and the Keynesian Cross:Revisiting Tobin," Working papers 135, Centre for Development Economics, Delhi School of Economics.
  4. Keiran Sharpe, 2006. "Effective demand in a stylised Keynesian model of growth," Review of Political Economy, Taylor & Francis Journals, vol. 18(2), pages 173-191.
  5. Jean-Luc Gaffard, 2013. "La macroéconomie à l'épreuve des faits," GREDEG Working Papers 2013-37, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
  6. Edward M. McNertney & Robert F. Garnett, Jr., 2006. "Using a Simple Simulation Model to Help Students 'Think Like Economists' in Intermediate Macroeconomics," Computers in Higher Education Economics Review, Economics Network, University of Bristol, vol. 18(1), pages 34-39.
  7. Jean-Luc Gaffard, 2003. "Promouvoir la croissance en Europe : vérités et mystifications. Critique du rapport d'A. Sapir présenté à la Commission européenne en juillet 2003 : 'An Agenda for a Growing Europe. Making the E," Sciences Po publications info:hdl:2441/6490, Sciences Po.
  8. Swati Dhingra & John Morrow, 2012. "The Impact of Integration on Productivity and Welfare Distortions Under Monopolistic Competition," FIW Working Paper series 088, FIW.
  9. repec:spo:wpecon:info:hdl:2441/6490 is not listed on IDEAS
  10. repec:spo:wpecon:info:hdl:2441/f6h8764enu2lskk9p4sqhi4gm is not listed on IDEAS

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