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Monopolistic Competition and Macroeconomic Theory

Author

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  • Solow,Robert M.

Abstract

Much of today's conventional macroeconomic theory presumes that markets for goods approach the state of perfect competition. Monopolistic Competition and Macroeconomic Theory assumes that markets are imperfect, so that sellers have some power over price, and must therefore form quantity expectations about the location of the firm's demand curve. The question is then about the macroeconomic implications of imperfect competition in goods markets. The first chapter is a brief survey of ideas proposed in economics including multiple equilibria. The second chapter describes a particular micro-based macro model that allows several families of equilibria. The third chapter shows how a standard locational model can be used to describe a sample macroeconomy when firms have close rivals. In this volume derived from his Federico Caffe Lecture, Nobel Laureate Robert Solow shows that there are simple and tractable micro-based models that offer the possibility of a richer and more intuitive macroeconomics.

Suggested Citation

  • Solow,Robert M., 1998. "Monopolistic Competition and Macroeconomic Theory," Cambridge Books, Cambridge University Press, number 9780521626163.
  • Handle: RePEc:cup:cbooks:9780521626163
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    Cited by:

    1. Jean-Luc Gaffard, 2013. "La macroéconomie à l'épreuve des faits," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 57-103.
    2. Andrea Boitani & Domenico Delli Gatti, 2001. "Effective Demand and Coordination Failures," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 23(3), pages 411-440, March.
    3. Correa López, Mónica, 2004. "Macroeconomic Effects of Oligopolistic Competition with Wage Bargaining," Economics Discussion Papers 8874, University of Essex, Department of Economics.
    4. Dhingra, Swati & Morrow, John, 2017. "Efficiency in large markets with firm heterogeneity," Research in Economics, Elsevier, vol. 71(4), pages 718-728.
    5. repec:spo:wpecon:info:hdl:2441/f6h8764enu2lskk9p4sqhi4gm is not listed on IDEAS
    6. Piero Ferri, 2011. "Macroeconomics of Growth Cycles and Financial Instability," Books, Edward Elgar Publishing, number 14260.
    7. Edward M. McNertney & Robert F. Garnett, Jr., 2006. "Using a Simple Simulation Model to Help Students 'Think Like Economists' in Intermediate Macroeconomics," Computers in Higher Education Economics Review, Economics Network, University of Bristol, vol. 18(1), pages 34-39.
    8. Takashi Ohno, 2006. "On the Effects of Wage Pressure on the Unemployment Rate and Capital Share," German Economic Review, Verein für Socialpolitik, vol. 7, pages 389-401, November.
    9. Jean-Luc Gaffard, 2003. "Promouvoir la croissance en Europe : vérités et mystifications. Critique du rapport d'A. Sapir présenté à la Commission européenne en juillet 2003 : 'An Agenda for a Growing Europe. Making the EU Econ," Sciences Po publications info:hdl:2441/6490, Sciences Po.
    10. Wesley Phoa & Sergio Focardi & Frank Fabozzi, 2007. "How do conflicting theories about financial markets coexist?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 29(3), pages 363-391.
    11. Claudio Sardoni, 2013. "A Modern Guide to Keynesian Macroeconomics and Economic Policies," Review of Political Economy, Taylor & Francis Journals, vol. 25(2), pages 366-371, April.
    12. Richard A. Miller, 2000. "Ten Cheaper Spades: Production Theory and Cost Curves in the Short Run," The Journal of Economic Education, Taylor & Francis Journals, vol. 31(2), pages 119-130, June.
    13. Swati Dhingra & John Morrow, 2012. "The Impact of Integration on Productivity and Welfare Distortions Under Monopolistic Competition," FIW Working Paper series 088, FIW.
    14. repec:spo:wpecon:info:hdl:2441/6490 is not listed on IDEAS
    15. Garabed Minassian, 2008. "Is Bulgarian Economy Overheating?," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 21-46.
    16. Keiran Sharpe, 2006. "Effective demand in a stylised Keynesian model of growth," Review of Political Economy, Taylor & Francis Journals, vol. 18(2), pages 173-191.
    17. Partha Sen, 2005. "Perfect Competition and the Keynesian Cross:Revisiting Tobin," Working papers 135, Centre for Development Economics, Delhi School of Economics.
    18. repec:kap:revind:v:50:y:2017:i:4:d:10.1007_s11151-016-9555-7 is not listed on IDEAS

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