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Microeconomic Foundations and Properties of a Macroeconomic Model with Imperfect Competition

In: Issues in Contemporary Economics

Author

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  • Jean-Pascal Bénassy

    (CNRS and CEPREMAP)

Abstract

Recent years have witnessed a growing development of macroeconomic models with imperfect competition.1 A strong point of these models is that both price and quantity decisions are made rationally by maximising agents, which differentiates them from Keynesian models, where the price formation process is a priori given, and from Walrasian models, where the job of price-making is left to the implicit auctioneer. The purpose of this paper is to review a number of properties of such micro-macro models. We shall do so by actually building a general equilibrium based macroeconomic model, and see that its properties are different in a number of respects from both Keynesian or Walrasian models. In order for the results not to depend on arbitrary conjectures or expectations, we shall assume both rational expectations and objective demand curves. This will be done in the framework of a stationary overlapping generations model, which we shall describe now.

Suggested Citation

  • Jean-Pascal Bénassy, 1991. "Microeconomic Foundations and Properties of a Macroeconomic Model with Imperfect Competition," International Economic Association Series, in: Kenneth J. Arrow (ed.), Issues in Contemporary Economics, chapter 8, pages 121-138, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11573-0_9
    DOI: 10.1007/978-1-349-11573-0_9
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    Cited by:

    1. Bénassy, Jean-Pascal, 1992. "Un modèle macroéconomique de chômage avec concurrence imparfaite et anticipations rationnelles," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(1), pages 23-42, mars et j.
    2. Dillen, Mats, 1995. "Corrective tax and subsidy policies in economies with Bertrand competition," Journal of Public Economics, Elsevier, vol. 58(2), pages 267-282, October.

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