haku: @indexterm Imperfect competition / yhteensä: 53
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| Tekijä: | Lensberg, T. |
| Otsikko: | Rational fix-price dynamics |
| Lehti: | European Economic Review
1997 : JAN, VOL. 41:1, p. 163-186 |
| Asiasana: | MONTE CARLO TECHNIQUE PRICES MACROECONOMIC MODELS IMPERFECT COMPETITION |
| Kieli: | eng |
| Tiivistelmä: | A macroeconomic model is studied where stabilization problems arise as a result of a dynamic game of income distribution btw. workers and capitalists. The two agents control the supply sides of the goods and labor markets, respectively, using price changes as strategic variables, and a static fix-price model with money, labor and one macro-commodity to correctly predict the behaviour of the economy at each instant of time. The medium-run price dynamics is consistent with major stylized facts on business cycles. It accounts for an empirical regularity that has been left unexplained by other models, and suggests a new relationship btw. the functional income distribution and the economy's sensitivity to shocks. |
SCIMA