Imperfect competition and indeterminacy of aggregate output

DOI10.1016/J.JET.2007.01.021MaRDI QIDQ960274zbMATH OpenOpenAlexFDO

Authors Yi Wen, Pengfei Wang

Publication date 16 December 2008

Published in Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL http://research.stlouisfed.org/wp/2006/2006-017.pdf

zbMATH Keywords

indeterminacyself-fulfilling expectationscost-push shockscounter-cyclical markupglobal sunspotshump-shaped impulse responsesmarginal costsprocyclical productivity

Mathematics Subject Classification ID

General equilibrium theory (91B50) Economic growth models (91B62)

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Cites work

• Adjustment costs and indeterminacy in perfect foresight models
• Capacity utilization under increasing returns to scale
• Comparing four models of aggregate fluctuations due to self-fulfilling expectations
• Fickle consumers, durable goods, and business cycles
• Firm dynamics and markup variations: Implications for sunspot equilibria and endogenous economic fluctuations
• INDETERMINACY AND INVESTMENT ADJUSTMENT COSTS: AN ANALYTIC RESULT
• Indeterminacy and increasing returns
• International trade and macroeconomic dynamics with heterogeneous firms
• Monopolistic competition, business cycles, and the composition of aggregate demand
• Multiple equilibria in a growth model with monopolistic competition
• Real business cycles and the animal spirits hypothesis
• SELF-FULFILLING PROPHECIES AND THE BUSINESS CYCLE
• Self-fulfilling prophecies
• Stationary sunspot equilibria in a finance constrained economy
• Strategic Complementarity in Business Formation: Aggregate Fluctuations and Sunspot Equilibria
• Time to Build and Aggregate Fluctuations
• Understanding self-fulfilling rational expectations equilibria in real business cycle models

Cited in

(6)

• Imperfect competition in the banking sector and economic instability
• Imperfectly competitive labour markets and the productivity puzzle.
• Income effects and indeterminacy in a calibrated one-sector growth model
• Imperfect competition and the Keynesian cross
• Comparing recursive equilibrium in economies with dynamic complementarities and indeterminacy
• Indeterminacy of intertemporal equilibria under imperfect competition

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