Monopolistic competition, business cycles and the composition of aggregate demand
Monopolistic competition, business cycles and the composition of aggregate demand
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垄断竞争、经济周期与总需求构成
DOI：
10.1006/jeth.1994.1033
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发表时间：
1994
影响因子：
1.6
通讯作者：
J. Gaĺı
中科院分区：
文献类型：
--
作者：
J. Gaĺı
摘要我们建立了一个具有垄断竞争企业和内生加价的动态一般均衡模型，并证明了自我实现的预期修正驱动的持续波动的均衡的可能性。对于某些参数值，这种波动的特点是类似于美国战后商业周期中观察到的时间序列属性。与现有文献相比，我们的研究结果不依赖于报酬递增或名义刚性的存在。该模型的一个关键要素是加价与总需求构成之间的联系。关于后者的一些计量经济学证据也有报道。经济文献分类号：D43、D58、E32。
Abstract We develop a dynamic general equilibrium model with monopolistically competitive firms and endogenous markups and show the possibility of equilibria with persistent fluctuations driven by self-fulfilling revisions of expectations. For some parameter values such fluctuations are characterized by time series properties similar to those observed in U.S. postwar business cycles. In contrast with the existing literature our results do not rely on the presence of increasing returns or nominal rigidities. A key ingredient of the model is the link between markups and the composition of aggregate demand. Some econometric evidence on the latter is also reported. Journal of Economic Literature Classification Number: D43, D58, E32.
DOI：
--
发表时间：
1987
期刊：
The American Economic Review
影响因子：
--
作者：
O. Blanchard;N. Kiyotaki
通讯作者：
O. Blanchard;N. Kiyotaki