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Monday, May 11, 2020 | History

4 edition of Dynamic general equilibrium models with imperfectly competitive product markets found in the catalog.

Dynamic general equilibrium models with imperfectly competitive product markets

by Julio Rotemberg

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  • 25 Currently reading

Published by Alfred P. Sloan School of Management, Massachusetts Institute of Technology in Cambridge, Mass .
Written in English


Edition Notes

StatementJulio J. Rotemberg, Michael Woodford.
SeriesWorking paper / Alfred P. Sloan School of Management -- WP # 3623-93-EFA, Working paper (Sloan School of Management) -- 3623.
ContributionsWoodford, Michael.
The Physical Object
Pagination52 p. :
Number of Pages52
ID Numbers
Open LibraryOL17937846M
OCLC/WorldCa29229868

In Walras original description of general equilibrium (Walras, []), market clearing was effected by a central authority. This authority, which has come to be known as the auctioneer, remains today because no one has succeeded in producing a plausible decentralised dynamic model of producers and consumers engaged in mar-. This book offers an introductory step-by-step course in Dynamic Stochastic General Equilibrium (DSGE) modelling. Modern macroeconomic analysis is increasingly concerned with the construction, calibration and/or estimation and simulation of DSGE models. The book is intended for graduate students as an introductory course to DSGE modelling and for those economists who would like a .

  Finally, the authors address the theory of cost-benefit analysis, in terms of environmental and other public policies, in dynamic general equilibrium models. This book is an impressive investigation of the theory of social accounting, with particular emphasis on valuation problems facing imperfectly competitive : Thomas Aronsson, Karl Gustaf Lofgren, Kenneth Backlund. wage and let it go at that. Dynamic general equilibrium models that can be constructed with the new methods have been used to address both traditional macroeconomic questions and a wide array of new problems. Every aspect of aggregative modeling has been affected by this revolution: investment theory, models of labor supply and labor market.   The model is a dynamic stochastic general equilibrium model based on monopolistic competition in product markets, and we analyze it assuming both full adjustment of wages and prices and staggered pricing.

The competitive equilibrium The competitive equilibrium for this economy consists of 1. A pricing system for W and R 2. A set of values assigned to Y, C, I, L and K. such that 1. given prices, the consumer optimization problem is satisfied; 2. given prices, the firm maximizes its profits; and 3. all markets clear at those prices. DYNAMIC GENERAL EQUILIBRIUM MODELS WITH IMPERFECTLY COMPETITIVE PRODUCT MARKETS ABSTRACT This paper discusses the consequences of introducing imperfectly competitive product markets into an otherwise standard neoclassical growth model. We pay particular attention to the consequences of imperfect competition for the explanation of fluctuations in aggregate. This is the world of imperfect competition, one that lies between the idealized extremes of perfect competition and monopoly. It is a world in which firms battle over market shares, in which economic profits may persist, in which rivals try to outguess each other with pricing, advertising, and product-development strategies.


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Dynamic general equilibrium models with imperfectly competitive product markets by Julio Rotemberg Download PDF EPUB FB2

SyntaxTextGen not activatedIn static general equilibrium models considering imperfectly competitive goods markets, pdf effectiveness of fiscal policy to stir output is shown to be greater than in the walrasian case.

However, labour is the only input in these models. Modern business cycle theory and growth theory uses stochastic dynamic general equilibrium download pdf.

In order to solve these models, economists need to use many mathematical tools. This book presents various methods in order to compute the dynamics of general equilibrium models. In part I, the representative-agent stochastic growth model is solved with the help of value function .It ebook a dynamic stochastic general equilibrium model with two important differences from the “new classical” model.

1 First, instead of perfectly competitive markets for goods and services we assume that markets are characterized by conditions of imperfect (monopolistic) competition.