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| Author: | Dixon, H. |
| Title: | Macroeconomic price and quantity responses with heterogeneous product markets |
| Journal: | Oxford Economic Papers
1994 : JUL, VOL. 46:3, p. 385-402 |
| Index terms: | PRICES TECHNOLOGY QUANTITY |
| Language: | eng |
| Abstract: | How do heterogeneous types of product market competition affect the macroeconomic properties of the economy? The author considers an economy with three different types of product market: oligopolistic, competitive, and fix-price. The author examines the effect of an increase in the money supply, and how it is split between changes in price and quantity. The theme of the paper is that there is a whole range of possible macroeconomic behaviour from a Keynesian pure output response to a Classical pure-price response. |
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