By Jean-Pascal Benassy
In this ebook, Jean-Pascal Benassy makes an attempt to combine right into a unmarried unified framework dynamic macroeconomic versions reflecting such diversified traces of inspiration as basic equilibrium idea, imperfect pageant, Keynesian idea, and rational expectancies. He starts with an easy microeconomic synthesis of imperfect festival and nonclearing markets normally equilibrium less than rational expectancies. He then applies this framework to quite a few dynamic macroeconomic versions, overlaying such issues as chronic unemployment, endogenous development, and optimum fiscal-monetary rules. The macroeconomic method he makes use of is identical in spirit to that of the preferred genuine enterprise cycles idea, however the scope is far wider. the entire versions are solved "by hand," making the underlying fiscal mechanisms fairly clear.
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Additional resources for The Macroeconomics of Imperfect Competition and Nonclearing Markets: A Dynamic General Equilibrium Approach
The rationing scheme is thus written as di∗ (t) = d˜i (t) × min 1, s˜ (t) , ˜ d 1 (t) + d˜2 (t) i = 1, 2 s ∗ (t) = min[˜s (t), d˜1 (t) + d˜2 (t)] (36) (37) Let us assume that each trader knows the rationing rule and the demands and supplies of the others after they have been expressed. Moreover he expects these to remain the same from period t − 1 to period t. The perceived rationing scheme is thus for demander 1, φ 1t (d˜1 ) = d˜1 × min 1, s˜ (t − 1) d˜1 + d˜2 (t − 1) (38) and similarly for demander 2.
In such a market each agent receives, in addition to the traditional price signal, some quantity signals. 2 These may be represented as z i∗h = min(˜z i h , d¯i h ), z˜ i h ≥ 0 min(˜z i h , −¯si h ), z˜ i h ≤ 0 (17) 2 We exclude manipulability because, as we noted in the appendix to chapter 1, manipulable schemes lead to a perverse phenomenon of “overbidding” which prevents the establishment of an equilibrium (see B´enassy 1977b, 1982).
If we ﬁnally consider an increase in government spending G, we see that it increases employment and production but actually crowds out private consumption. All in all, we see that this model yields an allocation that has “Keynesian” inefﬁciency properties but reacts to government policy in a somewhat similar way to that of a Walrasian model. All this will be studied in more depth in chapter 4, where we will consider a model of similar inspiration but with rational expectations and objective demand curves.