Modelling Market Power in Labour and Product Markets in a Dynamic Economy
In this paper a unified framework is developed for modeling imperfect competition in a monopolistic economy in a dynamic setting. Concentrating on the steady state analysis, a graphical approach is developed in consumption/leisure space. In both cases, there is a distortion towards leisure and away from consumption/work. The unionized economy is dynamically efficient, in the sense that the marginal product of capital equals discount rate. However, the monopolistic economy is not: the marginal product of capital exceeds the discount rate. This enables us to compare the outcomes in terms of productivity, utility and employment.
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Volume (Year): 4 (2000)
Issue (Month): 2 (Winter)
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- Heijdra, Ben J, 1998. "Fiscal Policy Multipliers: The Role of Monopolistic Competition, Scale Economies, and Intertemporal Substitution in Labour Supply," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(3), pages 659-96, August.
- Marta Aloi Huw Dixon & Phillip Lawler, . "The Multiplier in an Economy with Monopolistic Output Markets and Competitive Labour Markets," Discussion Papers 96/29, Department of Economics, University of York.
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