Imperfect competition and the fiscal multiplier

Article Abstract:

The short- and long-run effects of fiscal policy are examined in an econometric model wherein a perfectly competitive labor market and a monopolistic output market exist. The model examines the concepts developed by R. Startz in 1989, N.G. Mankiw in 1988 and H.D. Dixon in 1987 regarding the relationship between the fiscal multiplier and the degree of monopoly. Results indicate that small increases in the degree does not affect the multiplier. Moreover, the long-run output multiplier exceeds the short-run output multiplier in competitive economies.

Competition (Economics), Fiscal policy

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Imperfect competition and fixprice equilibria under consumer aggregation and net substitutes

Article Abstract:

The concepts of imperfect competition and fixprice equilibria are discussed through models where price and consumption variables are positive. The Cournot-Walras general equilibrium model which uses consumer aggregation in discussing imperfect competition equilibrium is dealt with. Likewise explained is Bohm's model of a quantity limiting monopolist capable of generating an interior equilibrium that is synonymous to the industry's fixprice equilibrium assuming any number of consumers.

Research

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Credit constraints in general equilibrium: experimental results

Article Abstract:

An analysis of credit availability and its influence on activity and relative prices in multimarkets reveals that changes in the availability of credit have minor effects on high-credit regimes but substantial effects on low-credit regimes. The study also reveals that the two regimes (high and low credit availability) are affected differently in terms of activity and relative prices and both are affected simultaneously.

Economics, Research and Development in the Social Sciences and Humanities, Analysis, Credit, Finance

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