An Incomplete Markets Model of Business Cycles
AbstractThis paper explores the effects of incomplete markets and positive spillovers on aggregate and industry output behavior. We consider an economy composed of a fixed set of infinitely-lived industries. When industries coordinate production decisions they jointly improve their productivity. Markets are missing, however, in the sense that industries cannot automatically form the most productive coalitions due to the presence of communication frictions.
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Bibliographic InfoPaper provided by Wisconsin Madison - Social Systems in its series Working papers with number 9615.
Date of creation: 1996
Date of revision:
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Postal: UNIVERSITY OF WISCONSIN MADISON, SOCIAL SYSTEMS RESEARCH INSTITUTE(S.S.R.I.), MADISON WISCONSIN 53706 U.S.A.
BUSINESS CYCLES; EXTERNALITIES; INDUSTRY; ENTERPRISES; PRODUCTIVITY;
Find related papers by JEL classification:
- D60 - Microeconomics - - Welfare Economics - - - General
- D62 - Microeconomics - - Welfare Economics - - - Externalities
- E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
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