Publikation:

Imperfectly competitive cycles with Keynesian and Walrasian features

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2005

Autor:innen

Madden, Paul

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http://nbn-resolving.de/urn:nbn:de:bsz:352-opus-88634
DOI (zitierfähiger Link)
https://doi.org/10.1016/j.euroecorev.2003.08.008
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Open Access Green

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Wirtschaftswissenschaften: Publikationen
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Published

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European Economic Review. 2005, 49(4), pp. 861-886. Available under: doi: 10.1016/j.euroecorev.2003.08.008

Zusammenfassung

We consider a multi-sector overlapping generations model with oligopolistic firms in the output markets and wage-setting trade unions in the labour markets. A coordination problem between firms creates multiple temporary equilibria which are either Walrasian or of the Keynesian unemployment type. There exist many deterministic and stochastic equilibrium cycles fluctuating between Keynesian recession and Walrasian boom periods with arbitrarily long phases in each regime. The cycles are in accordance with certain empirical regularities. Money is neutral and superneutral, but appropriate countercyclical fiscal policies stabilize the cycles in a textbook Keynesian way.

Zusammenfassung in einer weiteren Sprache

Fachgebiet (DDC)
330 Wirtschaft

Schlagwörter

Endogenous business cycles, Imperfect competition, Stabilization policy

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ISO 690KAAS, Leo, Paul MADDEN, 2005. Imperfectly competitive cycles with Keynesian and Walrasian features. In: European Economic Review. 2005, 49(4), pp. 861-886. Available under: doi: 10.1016/j.euroecorev.2003.08.008
BibTex
@article{Kaas2005Imper-12015,
  year={2005},
  doi={10.1016/j.euroecorev.2003.08.008},
  title={Imperfectly competitive cycles with Keynesian and Walrasian features},
  number={4},
  volume={49},
  journal={European Economic Review},
  pages={861--886},
  author={Kaas, Leo and Madden, Paul}
}
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