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Market Power in Macroeconomic Models: New Developments

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  • Silvestre, J.

Abstract

Earlier work on the market-power foundations of macroeconomics (see Silvestre, Journal of Economic Literature, 1993) adopted static or temporary equilibrium models. This paper surveys the more recent litterature, which is explicitly dynamic (models of overlapping generations, equilibrium fluctuations or neoclassical growth). The issues discussed include: (a) unemployment at low wages; (b) redistributive policies: (c) public expenditures (d) partial wage indexation, and (e) the equilibrium analysis of economic fluctuations.
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Suggested Citation

  • Silvestre, J., 1994. "Market Power in Macroeconomic Models: New Developments," Papers 94-07, California Davis - Institute of Governmental Affairs.
    • Handle: RePEc:fth:caldav:94-07
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    Cited by:

    1. Rodolphe Dos Santos Ferreira, 1999. "La relations salaire-emploi sous l'éclairage de la concurrence imparfaite," Cahiers d'Économie Politique, Programme National Persée, vol. 34(1), pages 15-40.
    2. Kaas, Leo & Madden, Paul, 2005. "Imperfectly competitive cycles with Keynesian and Walrasian features," European Economic Review, Elsevier, vol. 49(4), pages 861-886, May.
    3. Thomas Seegmuller, 2005. "On the stabilizing virtues of imperfect competition," International Journal of Economic Theory, The International Society for Economic Theory, vol. 1(4), pages 313-323, December.
    4. Jorgen Jacobsen, Hans, 2000. "Endogenous, imperfectly competitive business cycles," European Economic Review, Elsevier, vol. 44(2), pages 305-336, February.
    5. Kaas, Leo & Madden, Paul, 2004. "Non-existence of market-clearing wages when the output market is imperfectly competitive," Economics Letters, Elsevier, vol. 84(2), pages 175-182, August.
    6. Salyer, Kevin D., 1995. "The macroeconomics of self-fulfilling prophecies A review essay," Journal of Monetary Economics, Elsevier, vol. 35(1), pages 215-242, February.
    7. Kaas, Leo, 1998. "Multiplicity of Cournot Equilibria and Involuntary Unemployment," Journal of Economic Theory, Elsevier, vol. 80(2), pages 332-349, June.
    8. Cazzavillan, Guido & Lloyd-Braga, Teresa & Pintus, Patrick A., 1998. "Multiple Steady States and Endogenous Fluctuations with Increasing Returns to Scale in Production," Journal of Economic Theory, Elsevier, vol. 80(1), pages 60-107, May.

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