Endogenous Market Structures and Business Cycles
Endogenous Market Structures and Business Cycles
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内生市场结构和经济周期
DOI：
10.1007/978-3-540-87427-0_3
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发表时间：
2009
期刊：
影响因子：
--
通讯作者：
Federico Etro
中科院分区：
文献类型：
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作者：
Federico Etro
我们在一个DSGE模型中描述了Bertrand和Cournot竞争下的内生市场结构。由于进入市场对竞争的影响，短期加价呈反周期变化。长期的价格上涨在降低折现率和生产率，而在增加退出率和进入成本。在古诺竞争下，过度进入会导致动态无效率。积极的暂时冲击吸引进入，从而加强竞争，从而暂时降低加价，提高实际工资，这种竞争效应产生跨期替代效应，促进消费和就业。内生市场结构提高了灵活价格模型匹配脉冲响应函数和美国数据的第二矩的能力。
We characterise endogenous market structures under Bertrand and Cournot competition in a DSGE model. Short‐run mark ups vary countercyclically because of the impact of entry on competition. Long‐run mark ups are decreasing in the discount factor and in productivity, and increasing in the exit rate and in the entry costs. Dynamic inefficiency can emerge due to excessive entry under Cournot competition. Positive temporary shocks attract entry, which strengthens competition so as to reduce the mark ups temporarily and increase real wages: this competition effect creates an intertemporal substitution effect which boosts consumption and employment. Endogenous market structures improve the ability of a flexible prices model in matching impulse response functions and second moments for US data.