The New Macroeconomics: Imperfect Markets and Policy Effectiveness

Abstract

Introduction Huw Dixon and Neil Rankin Part I. Overviews and Perspectives: 1. Classical and Keynesian features in macroeconomic models with imperfect competition Jean-Pascal Benassy 2. Imperfect competition and macroeconomics: a survey Huw Dixon and Neil Rankin 3. Notes on imperfect competition and new Keynesian economics Richard Startz Part II. Goods Market Imperfections: 4. Optimal labour contracts and imperfect competition: a framework for analysis Russell Cooper 5. Market power, coordination failures and endogenous fluctuations Claude d'Aspremont, Rodolphe Dos Santos Ferreira, and Louis-Andre Gerard-Varet 6. Macroeconomic externalities Andrew John Part III. Labour Market Imperfections: 7. Demand uncertainty and unemployment in a monopoly union model Omar Licandro 8. Efficiency wages as a persistence mechanism Gilles Saint-Paul 9. Efficiency, enforceability and acyclical wages Christian Schultz 10. Business fluctuations, worker moral hazard and optimal environment policy Jon Strand Part IV. Financial Market Imperfections: 11. The stock market and equilibrium recessions Jeff Frank 12. Asymmetric information, investment finance and real business cycles Brian Hillier and Tim Worrall Part V. Nominal Rigidities and Bounded Rationality: 13. Hedging, multiple equilibria and nominal contracts Daron Acemoglu 14. Information acquisition and nominal price adjustment Torben M. Andersen and Morten Hviid 15. Expectation calculation, hyperinflation and currency collapse George W. Evans and Garey Ramey 16. Menu costs and aggregate price dynamics Alan Sutherland Bibliography.

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