Dynamic Macroeconomics with Imperfect Competition is popular PDF and ePub book, written by Leo Kaas in 1999-08-19, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Dynamic Macroeconomics with Imperfect Competition can be Read Online from any device for your convenience.
Dynamic Macroeconomics with Imperfect Competition Book PDF Summary
This thesis was stimulated throughout the time of my participation in a research project on Dynamic Macroeconomics, supported by the German Research Foundation (DFG). The starting point was the central question of how to integrate price setting firms in a dynamic disequilibrium model. Almost all recent literature on imperfect competition in macroeconomics applies the objective demand approach by assuming that firms know the true demand curve they are faced with. While this approach can be ap plied in temporary monetary equilibrium models, it proves inadequate for formulating price adjustment in a dynamic disequilibrium model, where it has to be replaced by the concept of subjective demand. Based on this distinction, the thesis starts out with a comparison of the concepts of subjective and objective demand in an abstract framework and surveys the literature on general equilibrium theory with imperfect competition. The objective demand approach is criticized not only on the grounds of its strong rationality requirements and existence problems, but also by the observation that it cannot be applied successfully to characterize determinate rational expectations equilibria in intertemporal macroeco nomics. Finally, price setting firms using subjective demand functions are integrated in a dynamic disequilibrium model in order to study mo nopolistic and oligopolistic price adjustment.
Detail Book of Dynamic Macroeconomics with Imperfect Competition PDF
- Author : Leo Kaas
- Release : 19 August 1999
- Publisher : Springer Science & Business Media
- ISBN : 3540660291
- Genre : Business & Economics
- Total Page : 182 pages
- Language : English
- PDF File Size : 21,9 Mb
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