The Macroeconomics of Imperfect Competition and Nonclearing Markets

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【资料名称】：The Macroeconomics of Imperfect Competition and Nonclearing Markets: A Dynamic General Equilibrium Approach
【资料作者】：Jean-Pascal Bénassy
【出版社】：The MIT Press
【简介及目录】：

Product details

• Hardcover: 320 pages
• Publisher: MIT Press (3 Jan 2003)
• Language English
• ISBN-10: 0262025280

Review  
"Reading this book is a liberating experience. By some sleight of hand,the idea of a micro-based macroeconomics has been identified withprice-mediated market clearing under perfect competition. Benassy demonstrates by example that macroeconomics can be based on imperfect competition, non clearing markets, and quantity signals. As aconsequence, activist monetary and fiscal policies are shown to be both effective and useful." - Robert M. Solow, Institute Professor of Economics, Emeritus, MIT, and Nobel Laureate in Economics (1987)"

Product Description
In this book Jean-Pascal Benassy attempts to integrate into a single unified framework dynamic macroeconomic models reflecting such diverse lines of thought as general equilibrium theory, imperfect competition,Keynesian theory, and rational expectations. He begins with a simple microeconomic synthesis of imperfect competition and nonclearing markets in general equilibrium under rational expectations. He then applies this framework to a large number of dynamic macroeconomic models, covering such topics as persistent unemployment, endogenous growth, and optimal fiscal-monetary policies. The macroeconomic methodology he uses is similar in spirit to that of the popular real business cycles theory, but the scope is much wider. All of the models are solved "by hand," making the underlying economic mechanisms particularly clear.

About the Author
Jean-Pascal Bénassy is Director of Research at CNRS (National Center for Scientific Research), Paris, and a Research Fellow at CEPREMAP(Center for Economic Research and Applications). He is the author of The Macroeconomics of Imperfect Competition and Nonclearing Markets: A Dynamic General Equilibrium Approach (MIT Press, 2002).

Table of Contents
Preface xi
Part I From Microeconomics to Macroeconomics 1
1 Basic Concepts 3
1.1 Introduction 3
1.2 Walrasian Theory: The Missing Parts 3
1.3 Transactions in Nonclearing Markets 7
1.4 Quantity Signals 11
1.5 Effective Demand and Supply 13
1.6 The Formation of Prices 15
1.7 Conclusions 20
1.8 References 20
Appendix 1.1: Manipulable Rationing Schemes 21
2 A Simple Macroeconomic Example 25
2.1 Introduction 25
2.2 The Economy 25
2.3 Walrasian Equilibrium 27
2.4 Fixprice-Fixwage Equilibria 28
2.5 An Imperfectly Competitive Model 35
2.6 Conclusions 38
2.7 References 38
Part II General Equilibrium 41
3 General Equilibrium Concepts 43
3.1 Introduction 43
3.2 Walrasian Equilibrium 43
3.3 Rationing Schemes and Quantity Signals 45
3.4 Fixprice Equilibria 49
3.5 Price Setting and General Equilibrium 55
3.6 Optimality 58
3.7 Conclusions 65
3.8 References 65
Appendix 3.1: Proof of Proposition 1 66
Part III Imperfect Competition, Underemployment,
and Welfare 69
4 Are Imperfect Competition Models Keynesian? 71
4.1 Introduction 71
4.2 The Model 72
4.3 Objective Demand Curves 74
4.4 The Imperfect Competition Equilibrium 77
4.5 Apparent Keynesian Inefficiencies 80
4.6 The Impact of Government Policies 81
4.7 Conclusions 83
4.8 References 84
Appendix 4.1: A Welfare Paradox 85
5 Bargaining Power, Underemployment, and Welfare 87
5.1 Introduction 87
5.2 The Model 89
5.3 Price Setting and Equilibrium 90
5.4 Wage Negotiations 93
5.5 General Equilibrium 97
5.6 Bargaining Power and Global Efficiency 98
5.7 Conclusions 100
5.8 References 100
Part IV Imperfect Competition, Fluctuations, and Growth 101
6 Fluctuations and Imperfect Competition 103
6.1 Introduction 103
6.2 The Model 104
6.3 Resolution 106
6.4 Properties of the Dynamic Equilibrium 109
6.5 Conclusions 111
6.6 References 112
7 Unemployment Persistence 113
7.1 Introduction 113
7.2 The Model 114
7.3 Resolution 116
7.4 The Two Regimes: Dynamics and Persistence 120
7.5 Numerical Simulations 122
7.6 Conclusions 125
7.7 References 126
8 Endogenous Growth 127
8.1 Introduction 127
8.2 The Model 128
8.3 Dynamic Equilibrium 129
8.4 Resolution 130
8.5 Dynamics and the Growth Rate 134
8.6 Conclusions 135
8.7 References 136
Appendix 8.1: Different Production Functions 136
Part V Nominal Rigidities and Fluctuations 139
9 Wage Rigidities and Employment Fluctuations 141
9.1 Introduction 141
9.2 The Model 142
9.3 The Walrasian Regime 143
9.4 Wage Contracts 147
9.5 The Cyclical Behavior of Real Wages, Prices, and Inflation 150
9.6 Endogenizing Wage Formation 152
9.7 Conclusions 156
9.8 References 157
Appendix 9.1: Incomplete Depreciation 158
10 Staggered Contracts and Persistence 161
10.1 Introduction 161
10.2 The Model 162
10.3 The Walrasian Regime 164
10.4 Wage Contracts 165
10.5 Macroeconomic Dynamics 170
10.6 Conclusions 176
10.7 References 177
Appendix 10.1: Incomplete Depreciation 177
Appendix 10.2: Aggregation across Output Types 178
Appendix 10.3: Proofs of Propositions 2 and 4 181
11 Market Power, Voluntary Exchange, and
Unemployment Fluctuations 187
11.1 Introduction 187
11.2 The Model 188
11.3 Equilibrium with Flexible Wages 188
11.4 Preset Wages 191
11.5 Macroeconomic Equilibrium 194
11.6 Conclusions 195
11.7 References 196
Appendix 11.1: Storability and the Probability of Rationing 196
Part VI Economic Policy 201
12 Nominal Rigidities and Policy Activism 203
12.1 Introduction 203
12.2 The Model 204
12.3 Walrasian Equilibrium 206
12.4 Optimality 208
12.5 Preset Wages 209
12.6 The Optimality of Activist Policies 211
12.7 Conclusions 214
12.8 References 214
Appendix 12.1: The Sargent-Wallace Argument 215
Appendix 12.2: Taxing All Households 217
Appendix 12.3: A Robustness Argument 220
13 Imperfect Competition and Activist Policies 221
13.1 Introduction 221
13.2 The Model 221
13.3 Some Basic Relations 222
13.4 Flexible Prices and Wages 225
13.5 Preset Wages 227
13.6 Optimal Government Policy 228
13.7 Conclusions 230
14 The Optimal Policy Mix 231
14.1 Introduction 231
14.2 The Model 232
14.3 General Equilibrium Relations 234
14.4 Optimality 236
14.5 Walrasian Equilibrium 237
14.6 Preset Wages 239
14.7 Preset Prices 242
14.8 Conclusions 245
14.9 References 246
15 Monetary Rules and Fiscal Policy 247
15.1 Introduction 247
15.2 The Model 248
15.3 General Equilibrium Relations 249
15.4 Preset Wages Equilibria 251
15.5 The Optimal Monetary Rule 252
15.6 The Optimal Policy Mix 254
15.7 A Comparison 255
15.8 Conclusions 256
15.9 References 256
Bibliography 257
Index 27

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