Dynamic Macroeconomics With Imperfect Competition (Lecture Notes in Economics and Mathematica Systems, 475)

This book studies the effects of imperfect competition between firms on the occurrence of macroeconomic disequilibria & their dynamic evolution. It starts out with a comparison of the concepts of subjective & objective demand & surveys the literature on general equilibrium theory with imperfect competition. The objective demand approach is critized not only on the grounds of its strong rationality requirements & existence problems, but also the finding that it cannot be applied successfully to characterize determinate rational expectations equilibria in intertemporal macroeconomics. Finally, price setting firms using subjective demand functions are integrated in a dynamic disequilibrium model in order to study monopolistic & oligopolistic price adjustment.Leo Kaas is the author of 'Dynamic Macroeconomics With Imperfect Competition (Lecture Notes in Economics and Mathematica Systems, 475)', published 1999 under ISBN 9783540660293 and ISBN 3540660291.