Imperfect Competition and Indeterminacy of Aggregate Output
Imperfect Competition and Indeterminacy of Aggregate Output
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不完全竞争与总产出的不确定性
DOI：
10.2139/ssrn.892627
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
Y. Wen
中科院分区：
文献类型：
--
作者：
Pengfei Wang;Y. Wen
本文证明了在不完全竞争的标准DSGE模型中，不完全竞争会导致总产出的不确定性。模型中的不确定性来自总产出的构成。与Benhabib和Farmer [3]和Gali [19]开创的不确定性文献形成鲜明对比，我们模型中的不确定性是全局的;因此它对结构参数更具鲁棒性。此外，我们模型中的太阳黑子可以自相关。本文为期望加价的外生变化提供了理由，这在货币政策文献中作为成本推动冲击的来源发挥了重要作用。我们的模型优于一个标准的RBC模型驱动的技术冲击在几个方面，包括劳动力市场的波动性和驼峰形的产出动态。
This paper shows imperfect competition can lead to indeterminacy in aggregate output in a standard DSGE model with imperfect competition. Indeterminacy arises in the model from the composition of aggregate output. In sharp contrast to the indeterminacy literature pioneered by Benhabib and Farmer [3] and Gali [19], indeterminacy in our model is global; hence it is more robust to structural parameters. In addition, sunspots in our model can be autocorrelated. The paper provides a justification for exogenous variations in desired markups, which play an important role as a source of cost-push shocks in the monetary policy literature. Our model outperforms a standard RBC model driven by technology shocks in several dimensions, including the volatility of labor market and the hump-shaped output dynamics.