search query: @author Woodford, M. / total: 7
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| Author: | Rotemberg, J. Woodford, M. |
| Title: | Imperfect competition and the effects of energy price increases on economic activity |
| Journal: | Journal of Money, Credit and Banking
1996 : NOV, VOL. 28:4/1, p. 549-577 |
| Index terms: | COMPETITION PRICES ECONOMICS |
| Language: | eng |
| Abstract: | Many authors have observed that changes in the price of oil on world markets appear to have a significant effect on economic activity. It is easily argued that an exogenous increase in the cost of a factor of production should reduce the quantity of final output that firms will choose to supply. What is less obvious is that the effect should be significant if the factor of production in question accounts for only a small part of the total marginal cost of production, as is true of energy costs. |
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