Excerpt from Dynamic General Equilibrium Models With Imperfectly Competitive Product Markets A further aim of this paper is to show how existing empirical studies using data at various levels of aggregation can be used to obtain estimates of the departures from perfect competition and from constant returns. While our survey of this literature is far from complete, we show how existing evidence bears upon the calibration of certain of the key parameters of imperfectly competitive models. Finally, the paper shows that ...
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Excerpt from Dynamic General Equilibrium Models With Imperfectly Competitive Product Markets A further aim of this paper is to show how existing empirical studies using data at various levels of aggregation can be used to obtain estimates of the departures from perfect competition and from constant returns. While our survey of this literature is far from complete, we show how existing evidence bears upon the calibration of certain of the key parameters of imperfectly competitive models. Finally, the paper shows that incorporating imperfect competition into equilibrium business cycle theory is easy. It is true that, because the resulting allocation is not Pareto optimal, it is not possible to compute the equilibrium by considering the solution to a planning problem. However, familiar methods for the computation of dynamic general equilibrium models, that make use of an Euler equation characterization of equilibrium (as discussed in detail in the next chapter) can also be applied when markets are not perfectly competitive. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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