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Macroeconomic Price and Quantity Responses with Heterogeneous Product Markets

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  • Huw Dixon

Abstract

How do heterogeneous types of product market competition affect the macroeconomic properties of the economy? The author considers an economy with three different types of product market: oligopolistic, competitive, and fix-price. He examines the effect of an increase in the money supply and how it is split between changes in price and quantity. The theme of the paper is that there is a whole range of possible macroeconomic behavior from a Keynesian pure-output response to a classical pure-price response. What matters is (1) the relative sizes of sectors and (2) the nature of preferences and technology. Copyright 1994 by Royal Economic Society.

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Paper provided by Department of Economics, University of York in its series Discussion Papers with number 93/4.

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Handle: RePEc:yor:yorken:93/4

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Postal: Department of Economics and Related Studies, University of York, York, YO10 5DD, United Kingdom
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Web page: http://www.york.ac.uk/economics/
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Cited by:
  1. Huw David Dixon & Claus Thustrup Hansen, 1997. "A Mixed Industrial Structure Magnifies the Importance of Menu Costs," Discussion Papers 97-11, University of Copenhagen. Department of Economics.
  2. Engin Kara & Huw Dixon, 2005. "Persistence and Nominal Inertia in a Generalized Taylor Economy: How Longer Contracts Dominate Shorter Contracts," Computing in Economics and Finance 2005 87, Society for Computational Economics.
  3. Le, Vo Phuong Mai & Meenagh, David & Minford, Patrick & Wickens, Michael, 2008. "How much nominal rigidity is there in the US economy? Testing a New Keynesian DSGE Model using indirect inference," Cardiff Economics Working Papers E2008/32, Cardiff University, Cardiff Business School, Economics Section, revised Jul 2011.
  4. Lai, Ching-chong & Chin, Chi-ting & Chang, Shu-hua, 2010. "Vertical separation versus vertical integration in a macroeconomic model with imperfect competition," International Review of Economics & Finance, Elsevier, vol. 19(4), pages 590-602, October.
  5. Dixon, Huw & Kara, Engin, 2011. "Contract length heterogeneity and the persistence of monetary shocks in a dynamic generalized Taylor economy," European Economic Review, Elsevier, vol. 55(2), pages 280-292, February.

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