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Macroeconomic Price and Quantity Responses with Heterogeneous Product Markets

Huw David Dixon
Oxford Economic Papers
New Series, Vol. 46, No. 3 (Jul., 1994), pp. 385-402
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/2663572
Page Count: 18
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Macroeconomic Price and Quantity Responses with Heterogeneous Product Markets
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Abstract

How do heterogeneous types of product market competition affect the macroeconomic properties of the economy? We consider an economy with three different types of product market: oligopolistic, competitive, and fix-price. We examine the effect of an increase in the money supply, and how it is split between changes in price and quantity. The theme of the paper is that there is a whole range of possible macroeconomic behaviour from a Keynesian pure output response to a Classical pure-price response. What matters is: (a) the relative sizes of sectors; and (b) the nature of preferences and technology.

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