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The Cyclical Behaviour of Wages and Profits Under Imperfect Competition

  • Cardia, E.
  • Ambler, S.

The authors build a dynamic model of the business cycle with monopolistically competitive firms. With simple assumptions concerning firm entry and exit, the model can explain some stylized facts of the business cycle that standard real business cycle models cannot predict. They include the cyclical behavior of the shares of capital and labor income in total income and the pattern of net firm creation. These predictions are robust to whether the main source of the business cycle is aggregate supply shocks or aggregate demand shocks.

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Paper provided by Centre interuniversitaire de recherche en économie quantitative, CIREQ in its series Cahiers de recherche with number 9330.

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Length: 21 pages
Date of creation: 1993
Date of revision:
Handle: RePEc:mtl:montec:9330
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  1. Ambler, S. & Cardia, E. & Phaneuf, L., 1991. "contracts de salaire, croissance endogene et fluctuations," Cahiers de recherche 9124, Universite de Montreal, Departement de sciences economiques.
  2. Steve Ambler & Alain Paquet, 1994. "Fiscal spending shocks, endogenous government spending, and real business cycles," Discussion Paper / Institute for Empirical Macroeconomics 94, Federal Reserve Bank of Minneapolis.
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