Imperfect competition, differential information, and microfoundations of macroeconomics
著者
書誌事項
Imperfect competition, differential information, and microfoundations of macroeconomics
Clarendon Press , Oxford University Press, 1992
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注記
Includes bibliographical references (p. [210]-220) and index
内容説明・目次
内容説明
This volume links a microeconomic model of imperfectly informed firms in monopolistic competition to a general theory of wage and price setting in a macroeconomic model. The analysis is based on profit maximization and rational behaviour and is thus in line with the newly-emerged New Keynesian approach in its emphasis on the microeconomic foundation of macroeconomics. The volume goes on to explain four stylized facts in macroeconomics: nominal rigidity, real rigidity, cost-oriented prices and widespread lack of indexation in an inflationary environment, presented in a New Keynesian framework. The analysis also provides new insight into the role of competition in an economy with imperfectly and differentially informed firms. It shows that increased competition may increase nominal as well as real price rigidity and increased volatility of investment.
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