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Monopolistic Competition, Search Unemployment, and Macroeconomics

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  • Ziesemer,Thomas

    (MERIT)

Abstract

The monopolistic competition model of Dixit and Stiglitz for the goodsmarket and the search unemployment model of Pissarides are combined ThePissarides part looses its Walrasian goods market and the Dixit-Stiglitz part looses itsWalrasian labour market. Pissarides’ results now also depend on the degree ofcompetition and in the Dixit-Stiglitz part the size and number of firms as well asaggregate output now also depend on aggregate hiring costs, tightness andunemployment, and real wages are not fixed. Some partial results of comparativestatic properties of the original models survive. New results concerning the effects ofchanges in labour (goods) market parameters on goods markets (the labour market)variables are obtained and compared to the literature on macroeconomic theory,empirical results and policy issues.

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Bibliographic Info

Paper provided by Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology in its series Research Memoranda with number 021.

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Date of creation: 2002
Date of revision:
Handle: RePEc:dgr:umamer:2002021

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Web page: http://www.maastrichtuniversity.nl/web/UMPublications.htm

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Keywords: macroeconomics ;

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  1. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-66, September.
  2. Olivier Blanchard & Francesco Giavazzi, 2003. "Macroeconomic Effects Of Regulation And Deregulation In Goods And Labor Markets," The Quarterly Journal of Economics, MIT Press, vol. 118(3), pages 879-907, August.
  3. Aghion, Philippe & Howitt, Peter, 1991. "Growth and Unemployment," CEPR Discussion Papers 577, C.E.P.R. Discussion Papers.
  4. Weitzman, Martin L, 1982. "Increasing Returns and the Foundations of Unemployment Theory," Economic Journal, Royal Economic Society, vol. 92(368), pages 787-804, December.
  5. Yang, X. & Liu, P.W., 1999. "Division of Labor Transaction Cost, Emergence of the Firm and Firm Size," Papers 10, Chicago - Graduate School of Business.
  6. Schaik, A.B.T.M. van & Groot, H.L.F. de, 1995. "Unemployment and endogenous growth," Discussion Paper 1995-75, Tilburg University, Center for Economic Research.
  7. Fonseca, Raquel & Lopez-Garcia, Paloma & Pissarides, Christopher A., 2001. "Entrepreneurship, start-up costs and employment," European Economic Review, Elsevier, vol. 45(4-6), pages 692-705, May.
  8. C Bean & Christopher A. Pissarides, 1992. "Unemployment, Consumption and Growth," CEP Discussion Papers dp0100, Centre for Economic Performance, LSE.
  9. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-44, June.
  10. Dixit, Avinash K & Stiglitz, Joseph E, 1975. "Monopolistic Competition and Optimum Product Diversity," The Warwick Economics Research Paper Series (TWERPS) 64, University of Warwick, Department of Economics.
  11. Matusz, Steven J, 1996. "International Trade, the Division of Labor, and Unemployment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(1), pages 71-84, February.
  12. Boone, Jan, 2000. "Technological Progress, Downsizing and Unemployment," Economic Journal, Royal Economic Society, vol. 110(465), pages 581-600, July.
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