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Imperfect Competition and Macroeconomics: A Survey

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Author Info
Dixon, Huw David
Rankin, Neil

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Abstract

This survey outlines the general lessons of the recent literature on imperfectly competitive macroeconomies for the theory of monetary and fiscal policy. A general framework is presented which encompasses most of the existing literature. Although money is of itself neutral in these models, the presence of menu costs, expectations which are not unit elastic, or sectoral nominal rigidities can result in a welfare-improving role for monetary policy. Imperfect competition also enhances the scope for the beneficial influence of fiscal policy. We explore the possibilities for multiple Pareto-ranked equilibria and the role of increasing returns to scale.

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Publisher Info
Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 636.

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Date of creation: May 1992
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Handle: RePEc:cpr:ceprdp:636

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Related research
Keywords: Fiscal Policy; Imperfect Competition; Macroeconomics; Monetary Policy;

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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy

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