Imperfect Competition and the Effects of Energy Price Increases on Economic Activity

Released on by Julio Rotemberg
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  • Imperfect Competition and the Effects of Energy Price Increases on Economic Activity Book Detail

  • Author : Julio Rotemberg
  • Release Date : 1996
  • Publisher :
  • Genre : Competition
  • Pages : 60
  • ISBN 13 :
  • File Size : 2,2 MB
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Imperfect Competition and the Effects of Energy Price Increases on Economic Activity by Julio Rotemberg PDF Summary

Book Description: We show that modifying the standard neoclassical growth model by assuming that competition is imperfect makes it easier to explain the size of the declines in output and real wages that follow increases in the price of oil. Plausibly parameterized models of this type are able to mimic the response of output and real wages in the United States. The responses are particularly consistent with a model of implicit collusion where markups depend positively on the ratio of the expected present value of future profits to the current level of output.

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International Dimensions of Monetary Policy

International Dimensions of Monetary Policy

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United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous sho