Macroeconomic Price and Quantity Responses with Heterogeneous Product Markets

Huw Dixon

Oxford Economic Papers, 1994, vol. 46, issue 3, 385-402

Abstract: How do heterogeneous types of product market competition affect the macroeconomic properties of the economy? The author considers an economy with three different types of product market: oligopolistic, competitive, and fix-price. He examines 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 behavior from a Keynesian pure-output response to a classical pure-price response. What matters is (1) the relative sizes of sectors and (2) the nature of preferences and technology. Copyright 1994 by Royal Economic Society.

Date: 1994
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