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Modelling complementarity in monopolistic competition

Listed author(s):
  • Kiminori Matsuyama

In recent years, monopolistic competition models have frequently been applied in macroeconomics, international and interregional economics, and economic growth and development. In this paper, I present a highly selective review in this area, with special emphasis on the complementarity and its role of generating multiplier processes, agglomeration, underdevelopment traps, regional disparities, and sustainable growth, or more generally, what Myrdal (1957) called the “principle of circular and cumulative causation.”

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Paper provided by Federal Reserve Bank of Minneapolis in its series Discussion Paper / Institute for Empirical Macroeconomics with number 81.

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Date of creation: 1993
Handle: RePEc:fip:fedmem:81
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