Imperfect Competition, Nonclearing Markets and Business Cycles (The International Library of Critical Writings in Economics Series)
By: Jean-Pascal Benassy (editor)Hardback
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In recent years, the field of dynamic stochastic general equilibrium models has emerged as the central field of macroeconomics. These models give a unified treatment of growth and fluctuations in a general equilibrium framework where all agents behave rationally. A particularly successful part of this field introduces imperfect competition and nonclearing markets into this framework, which also leads to the study of problems like unemployment. This timely volume gives a full account of the field, starting with the various general equilibrium traditions that ultimately led to this research area, and then describing the evolution of the models, with special emphasis on how they succeeded in representing features of dynamics that other models failed to reproduce.
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- ID: 9781843760030
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