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Analytical solutions to an RBC model with imperfect competition, increasing returns and underemployment

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  • Jean-Pascal BÉNASSY

    (CEPREMAP and CNRS)

Abstract

We construct in this paper a "benchmark" model of fluctuations with optimizing households and firms. The economy is a monetary one, with imperfect competition in goods and labor markets, as well as increasing returns to scale and specialization. This economy is subject to technological and monetary shocks. Analytical solutions are derived, which allow to understand the respective roles of imperfect competition and increasing returns in generating underemployment of resources and potential persistence effects.

Suggested Citation

  • Jean-Pascal BÉNASSY, 1996. "Analytical solutions to an RBC model with imperfect competition, increasing returns and underemployment," Discussion Papers (REL - Recherches Economiques de Louvain) 1996033, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvre:1996033
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    File URL: http://www.jstor.org/stable/40724129
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    Cited by:

    1. Claus Hansen, 1999. "Long-run impact of increased wage pressure," Journal of Economics, Springer, vol. 69(2), pages 141-157, June.

    More about this item

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection

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