Continuum of equilibria and business cycles: a dynamic model of mesoeconomics.
A model of a monopolistically competitive representative firm was developed that maximizes its profits, subject to a demand function derived from a dynamic IS-LM aggregate demand function and cost conditions that reflect the outcome in an imperfect labor market. The conditions for the existence of...
| Publicado en: | American Economic Review Vol. 82; pp. 372 - 379 |
|---|---|
| Autor principal: | |
| Formato: | Artículo |
| Publicado: |
American Economic Association
May 1992
|
| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=511978140&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 511978140 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00028282 AER jtl: American Economic Review issn: 00028282 maglogo: N pubinfo: dt: May 1992 vid: 82 pid: 22 pub: American Economic Association artinfo: ui: 511978140 ppf: 372 ppct: 7 formats: tig: atl: Continuum of equilibria and business cycles: a dynamic model of mesoeconomics. aug: au: Shi, He-ling su: Mathematical models of business cycles Economic equilibrium sug: subj: Mathematical models of business cycles Economic equilibrium ab: A model of a monopolistically competitive representative firm was developed that maximizes its profits, subject to a demand function derived from a dynamic IS-LM aggregate demand function and cost conditions that reflect the outcome in an imperfect labor market. The conditions for the existence of a continuum of equilibria are derived and are contained in the demand and cost function. Given a number of different shocks—a transitory demand-side shock with linear cost condition, a transitory demand-side shock with a Phillips cost condition, a permanent demand-side shock with a linear marginal-cost function, and a permanent demand-side shock with a Phillips marginal-cost condition—the economy could exhibit different patterns of business cycles. These patterns and their respective scenarios are discussed. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
|---|