Endogenous Market Structures and the Macroeconomy (eBook)

Federico Etro (Autor)

eBook Download: PDF

2009 | 2009
XX, 346 Seiten
Springer Berlin (Verlag)
978-3-540-87427-0 (ISBN)

Infos

This is a key year for the evolution of international markets. The global economy is experiencing the most severe downturn since the thirties, it is temporarily leaving a path of sustained growth that characterized the last decades, and is facing an impressive decline of trade between countries. Banks are going bankrupt, the stock market has crashed, rms are going out of bu- ness or drastically reducing their production and exports, workers are being red and investment in new business creation or innovation is shrinking. Meanwhile, consumers con dence has dropped at its minimum, aggregate demand has been declining for months and expansionary policies and int- national coordination have failed to counteract the crisis until now. It is quite likely that all this will change sooner or later, but at the end of this crisis our understanding of the macroeconomy may change as well. In front of these crucial events, this book is not an attempt at proposing a radically new way of interpreting macroeconomic phenomena, and, as a m- ter of fact, it is not even a book on macroeconomic theory. My more modest goal is to collect a number of insights derived from recent research on the role of competition and innovation in the analysis of three topics: business cycles, trade and growth through innovations.

Inhalt

Preface 6
Contents 15
1. Neoclassical Macroeconomics 19
1.1 The Microfoundation of Macroeconomics 20
1.2 Growth 34
1.3 International Finance and Trade 44
1.4 Business Cycles 55
1.5 Conclusions 68
2. The EMSs Approach to Macroeconomics 69
2.1 EMSs in Partial Equilibrium 73
2.2 Microfounded EMSs 78
2.3 EMSs with Isoelastic Sub-utility 83
2.4 EMSs in a Two Period Economy 93
2.5 EMSs in General Equilibrium 96
2.6 EMSs in an In.nite Periods General Equilibrium Economy 99
2.7 Business Cycle 106
2.8 Trade 108
2.9 Growth 109
2.10 Conclusions 111
3. Endogenous Market Structures and Business Cycles 113
3.1 Empirical Evidence on EMSs over the Business Cycle 116
3.2 A Model of the Business Cycle with EMSs 123
3.3 Steady State EMSs 132
3.4 Impulse Response Functions and Second Moments 138
3.5 EMSs and Accumulation of Physical Capital 148
3.6 Fiscal Policy 151
3.7 Monetary Policy 155
3.8 Labor and Credit Market Imperfections 159
3.9 Conclusions 162
4. Endogenous Market Structures and International Trade and Finance 163
4.1 Empirical Evidence on EMSs and Market Size E¤ects 167
4.2 A Model of Trade with EMSs 174
4.3 The Ghironi-Melitz Model 181
4.4 Trade Policy and Import Tari¤s 187
4.5 Strategic Export Promotion 190
4.6 Trade Policy and Export Subsidies 195
4.7 Protectionism, Lobbying and Trade Wars 201
4.8 Exchange Rate Policy 205
4.9 R& D Policy and IPRs Protection
4.10 Conclusions 213
5. Endogenous Market Structures and Growth 214
5.1 Empirical Evidence on EMSs and Innovation by Leaders 217
5.2 A Model of Endogenous Growth 229
5.3 A Model of Schumpeterian Growth 236
5.4 EMSs with Growth Leaders 243
5.5 Fiscal Policy 248
5.6 Monetary Policy 253
5.7 Growth and International Trade and Finance 257
5.8 Conclusions 263
6. Economic Principles and Policy for the New Economy 264
6.1 Short-run EMSs and the Competition Effect 265
6.2 Steady-state EMSs and Entry 275
6.3 Gains from Trade and the E¤ects of Globalization 284
6.4 Growth Driven by Leaders 288
6.5 Dynamic Ine¢ ciency 294
6.6 Fiscal Policy 296
6.7 Monetary Policy 302
6.8 Trade Policy 307
6.9 Exchange Rate Policy 311
6.10 Innovation and Competition Policy 316
6.11 Conclusions 325
7. Epilogue 326
8. References 330
Index 356

Produkt-Details

• Erscheint lt. Verlag: 17.6.2009
• Zusatzinfo: XX, 346 p.
• Verlagsort: Berlin
• Sprache: englisch
• Themenwelt: Technik
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre
• Schlagworte: Business Cycles • Endogeneity • Innovation • R&D • R&D • science and technology • Trade
• ISBN-10: 3-540-87427-5 / 3540874275
• ISBN-13: 978-3-540-87427-0 / 9783540874270