Dynamic models with non clearing markets
Abstract This article studies a new class of models which synthesize the two traditions of general equilibrium with nonclearing markets and imperfect competition on the one hand, and dynamic stochastic general equilibrium (DSGE) models on the other hand. This line of models has become a central paradigm of modern macroeconomics for at least three reasons: (a) it displays solid microeconomic foundations, (b) it is a highly synthetic theory, which combines in a unified framework general equilibrium, nonclearing markets, imperfect competition, growth theory and rational expectations, (c) it is also an empirical success, leading to substantial progress towards matching real world statistics.
|Date of creation:||Sep 2006|
|Date of revision:|
|Note:||View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00590433|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ascari, Guido, 2000.
"Optimising Agents, Staggered Wages and Persistence in the Real Effects of Money Shocks,"
Royal Economic Society, vol. 110(465), pages 664-86, July.
- Ascari, G., 1997. "Optimizing Agents, Staggered Wages and Persistence in the Real Effects of Money Shocks," The Warwick Economics Research Paper Series (TWERPS) 486, University of Warwick, Department of Economics.
- Timothy Cogley & James M. Nason, 1993.
"Output dynamics in real business cycle models,"
Working Papers in Applied Economic Theory
93-10, Federal Reserve Bank of San Francisco.
- JASKOLD GABSZEWICZ, Jean & VIAL, Jean-Philippe, .
"Oligopoly "à la Cournot" in a general equilibrium analysis,"
CORE Discussion Papers RP
106, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Jaskold Gabszewicz, Jean & Vial, Jean-Philippe, 1972. "Oligopoly "A la cournot" in a general equilibrium analysis," Journal of Economic Theory, Elsevier, vol. 4(3), pages 381-400, June.
- Ascari, G. & Rankin, N., 2000.
"Staggered Wages and Output Dynamics under Disinflation,"
The Warwick Economics Research Paper Series (TWERPS)
557, University of Warwick, Department of Economics.
- Ascari, Guido & Rankin, Neil, 2002. "Staggered wages and output dynamics under disinflation," Journal of Economic Dynamics and Control, Elsevier, vol. 26(4), pages 653-680, April.
- Jang-Ok Cho & Thomas F. Cooley & Louis Phaneuf, 1997.
"The Welfare Cost of Nominal Wage Contracting,"
Review of Economic Studies,
Oxford University Press, vol. 64(3), pages 465-484.
- Cooley, T.F. & Cho, J.O., 1991.
"The Business Cycle with Nominal Contracts,"
90-07, Rochester, Business - General.
- Yun, Tack, 1996. "Nominal price rigidity, money supply endogeneity, and business cycles," Journal of Monetary Economics, Elsevier, vol. 37(2-3), pages 345-370, April.
- Collard, Fabrice & Ertz, Guy, 1996.
"Stochastic Nominal Wage Contacts in a Cash-in-Advance Model,"
Discussion Papers (IRES - Institut de Recherches Economiques et Sociales)
1997017, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), revised 00 Jul 1997.
- Fabrice COLLARD & Guy ERTZ, 2000. "Stochastic Nominal Wage Contracts in a Cash-in-Advance model," Discussion Papers (REL - Recherches Economiques de Louvain) 2000032, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Cogley, Timothy & Nason, James M., 1993. "Impulse dynamics and propagation mechanisms in a real business cycle model," Economics Letters, Elsevier, vol. 43(1), pages 77-81.
- Jang-Ok Cho, 1993. "Money and Business Cycle with One-Period Nominal Contracts," Canadian Journal of Economics, Canadian Economics Association, vol. 26(3), pages 638-59, August.
- Gray, Jo Anna, 1976. "Wage indexation: A macroeconomic approach," Journal of Monetary Economics, Elsevier, vol. 2(2), pages 221-235, April.
- Huang, Kevin X. D. & Liu, Zheng, 2002.
"Staggered price-setting, staggered wage-setting, and business cycle persistence,"
Journal of Monetary Economics,
Elsevier, vol. 49(2), pages 405-433, March.
- K. Huang & Z. Liu, . "Staggered price-setting, staggered wage-setting, and business cycle persistence," Working Papers 2000-28, Utah State University, Department of Economics.
- Hairault, J.O. & Portier, F., 1992.
"Money New-Keynesian Macroeconomics and the Business Cycles,"
Papiers d'Economie MathÃ©matique et Applications
92.32, UniversitÃ© PanthÃ©on-Sorbonne (Paris 1).
- Hairault, Jean-Olivier & Portier, Franck, 1993. "Money, New-Keynesian macroeconomics and the business cycle," European Economic Review, Elsevier, vol. 37(8), pages 1533-1568, December.
When requesting a correction, please mention this item's handle: RePEc:hal:psewpa:halshs-00590433. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD)
If references are entirely missing, you can add them using this form.