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Imperfect Competition and Aggregate Price Equations

In: Market Behaviour and Macroeconomic Modelling

Author

Listed:
  • Ate Nieuwenhuis

Abstract

A lot of traditional economic theory treats prices as parametric: No agent sets prices, except for the fictitious Walrasian auctioneer. As a result, macroeconomic model builders in the sixties and early seventies faced a dearth of theoretical results to base their price equations on. In fact, they had to make do with two sketchy theories (see Eckstein and Fromm, 1968).

Suggested Citation

  • Ate Nieuwenhuis, 1998. "Imperfect Competition and Aggregate Price Equations," Palgrave Macmillan Books, in: Steven Brakman & Hans Ees & Simon K. Kuipers (ed.), Market Behaviour and Macroeconomic Modelling, chapter 2, pages 41-69, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26732-3_2
    DOI: 10.1007/978-1-349-26732-3_2
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