Imperfect Competition and the Keynesian Cross
N. Gregory Mankiw ()
No 2386, NBER Working Papers from National Bureau of Economic Research, Inc
This paper presents a simple general equilibrium model in which the only non-Walrasian feature is imperfect competition in the goods market. The model is shown to exhibit various Keynesian characteristics. In particular, as competition in the goods market becomes less perfect, the fiscal policy multipliers approach the values implied by the textbook Keynesian cross.
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Published as Economics Letters, Vol. 26, no. 1 (1988): 7-13.
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Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:2386
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