A Theoretical Study of Macroeconomic Growth and Fluctuations under Competition

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The purpose of this research is to develop the theory of growth and fluctuations of macroeconomy under imperfect competition. The research that I conducted in 1995 and 1996 is divided into two fields. The first one is to construct a medium-term macro dynamic model with imperfect competition that explains the determinations of real wages and employment. Recently, many types of macroeconomic models with imperfect competition were developed by new Keynesian economists. But, most of them are short-run static models in that they do not consider the accumulation of capital and technological changes. In my research, I constructed a macro dynamic model with imperfect competitions both in the commodity market and the labor market, and analyzed the determinations of real wages and employmant, taking into account the accumulation of capital and technological changes. The second of my research is concerned with the endogenous growth model with R&D.P.Romer developed a model of economic growth in which technological progress is determined endogebously by R&D activities. The most interesting character of this model is that the equilibrium growth diverges from the optimal growth due to the imperfect competition in the capital goods sector and the externality in the R&D sector. In my research, I extended Romer's model in the following two respects. First, I analyzed the transitional process of the model, which nobody has done so far. Second, I changed the production function in R&D sector into more realistic form. Then, I found that the "scale effect", which made Romer's model unrealistic, did not appear in our model.