| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w27536
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| 来源ID | Working Paper 27536
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| Dynamic Oligopoly and Price Stickiness |
| Olivier Wang; Iván Werning
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| 发表日期 | 2020-07-20
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| 出版年 | 2020
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| 语种 | 英语
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| 摘要 | How does market concentration affect the potency of monetary policy? The ubiquitous monopolistic-competition framework is silent on this issue. To tackle this question we build a model with heterogeneous oligopolistic sectors. In each sector, a finite number of firms play a Bertrand dynamic game with staggered price rigidity. Following an extensive Industrial Organization literature, we focus on Markov equilibria within each sector. Aggregating up, we study monetary shocks and provide a closed-form formula for the response of aggregate output, highlighting three measurable sufficient statistics: demand elasticities, market concentration, and markups. We calibrate our model to the empirical evidence on pass-through, and find that higher market concentration significantly amplifies the real effects of monetary policy. To separate the strategic effects of oligopoly from the effects this has on residual demand, we compare our model to one with monopolistic firms after modifying consumer preferences to ensure firms face comparable residual demands. Finally, the Phillips curve for our model displays inflation persistence and endogenous cost-push shocks. |
| 主题 | Macroeconomics
; Business Cycles
; Monetary Policy
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| URL | https://www.nber.org/papers/w27536
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585209
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推荐引用方式
GB/T 7714 |
Olivier Wang,Iván Werning. Dynamic Oligopoly and Price Stickiness. 2020.
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文件名：
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w27536.pdf
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格式：
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Adobe PDF
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