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A Simple Macroeconomic Model with Monopolistic Firms

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  • Rowe, Nicholas

Abstract

This paper presents a simple macroeconomic model in which firms outputs are imperfect substitutes, and explores the macroeconomic implications of monopolistic co mpetition. The model is classical in some respects, but Keynesian in others. Multiple or unstable equilibria are not unlikely. Permanent price controls will, in principle, be desirable, since they allow a permanent and efficient increase in aggregate output. Small costs of price adjustment may induce large deviations o f output from the natural rate. Fiscal policy will generally affect aggregate output, but the sign and magnitude of the government expenditure multiplier cannot be determined a priori. Copyright 1987 by Oxford University Press.

Suggested Citation

  • Rowe, Nicholas, 1987. "A Simple Macroeconomic Model with Monopolistic Firms," Economic Inquiry, Western Economic Association International, vol. 25(1), pages 83-102, January.
    • Handle: RePEc:oup:ecinqu:v:25:y:1987:i:1:p:83-102
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Where (I think) Mike Woodford's model of the multiplier is wrong
      by Nick Rowe in Worthwhile Canadian Initiative on 2012-01-17 23:54:35

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    Cited by:

    1. Ramser, Hans Jürgen, 1988. "Neuere Beiträge zur Konjunkturtheorie: Ein Überblick," Discussion Papers, Series I 237, University of Konstanz, Department of Economics.

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