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Real Business Cycles with Cournot Competition and Endogenous Entry

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Author Info
Andrea Colciago ()
Federico Etro ()

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Abstract

We introduce Cournot competition and endogenous entry in an oth- erwise neoclassical macroeconomic framework. First, we develop a model with exogenous savings à la Solow describing the dynamic path of busi- ness creation. Then, we develop a model à la Ramsey describing the dynamic interaction of consumption and business creation. Our models are able to explain why markups vary countercylically and pro?ts are procyclical. The analysis of permanent and temporary technology and preference shocks and of the second moments suggests that our model can outperform the Real Business Cycle framework in many dimensions.

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File URL: http://dipeco.economia.unimib.it/repec/pdf/mibwpaper135.pdf
File Format: application/pdf
File Function: First version, 2008
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Publisher Info
Paper provided by University of Milano-Bicocca, Department of Economics in its series Working Papers with number 135.

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Length: 30 pages
Date of creation: Sep 2007
Date of revision: Feb 2008
Handle: RePEc:mib:wpaper:135

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