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Imperfect Competition and Macroeconomics: a Survey

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  • Dixon, H.
  • Rankin, N.

Abstract

This survey outlines the general lessons of the recent literature on imperfectly competitive macroeconomies for the theory of monetary and fiscal policy. A general framework is presented which encompasses most of the existing literature. Although money is of itself neutral in these models, the presence of menu costs, expectations which are not unit elastic, or sectoral nominal rigidities can result in a welfare-improving role for monetary policy. Imperfect competition also enhances the scope for the beneficial influence of fiscal policy. We explore the possibilities for multiple Pareto-ranked equilibria and the role of increasing returns to scale.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Dixon, H. & Rankin, N., 1991. "Imperfect Competition and Macroeconomics: a Survey," The Warwick Economics Research Paper Series (TWERPS) 387, University of Warwick, Department of Economics.
    • Handle: RePEc:wrk:warwec:387
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    File URL: https://warwick.ac.uk/fac/soc/economics/research/workingpapers/1989-1994/twerp387.pdf
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    Keywords

    labour market ; trade ; economic theory ; policy making;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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