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Real Business Cycles with Cournot Competition and Endogenous Entry

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Author Info
Colciago, Andrea
Etro, Federico

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Abstract

We introduce Cournot competition and endogenous entry in an otherwise neoclassical macroeconomic framework. First, we develop a model with exogenous savings à la Solow describing the dynamic path of business 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 profits 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://mpra.ub.uni-muenchen.de/7326/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 7326.

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Date of creation: 30 Sep 2007
Date of revision: 25 Feb 2008
Handle: RePEc:pra:mprapa:7326

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Related research
Keywords: Business Cycle Cournot Competition Endogenous Entry

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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets

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This page was last updated on 2008-7-26.

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