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1、NBERWORKINGPAPERSERIESMONOPOLYPOWERANDENDOGENOUSPRODUCTVARIETY:DISTORTIONSANDREMEDIESFlorinO.BilbiieFabioGhironiMarcJ.MelitzWorkingPaper14383http://www.nber.org/papers/w14383NATIONALBUREAUOFECONOMICRESEARCH1050MassachusettsAvenueCambridge,MA02138October2008Forhelpfulco
2、mments,wethankHugoHopenhayn,GianmarioImpullitti,JinillKim,andseminarandconferenceparticipantsatCatholicUniversityLisbon,ChicagoGSB,ClevelandFed,Cornell,CSEF-IGIERSymposiumonEconomicsandInstitutions,ECB,EUI,ESEM2007,ESSIM2005,EUI,FedBoard,IZAWorkshoponFirmDynamics,Leuve
3、n,LondonBusinessSchool,MIT,NBEREFCESummerInstitute2005,NewYorkFed,Northeastern,Princeton,SED2007,SwissNationalBank,UniversitedeToulouse,andUniversityofConnecticut.WearegratefultoNicholasSimandPinarUysalforexcellentresearchassistance.Remainingerrorsareourresponsibility.
4、BilbiiethankstheECB,theCEPatLSE,andtheNBERforhospitalityin2004,2005,and2006-2007,respectively,andNuffieldCollegeatOxfordforfinancialsupportduring2004-2007.GhironiandMelitzthanktheNSFforfinancialsupportthroughagranttotheNBER.Theviewsexpressedhereinarethoseoftheauthor(s)
5、anddonotnecessarilyreflecttheviewsoftheNationalBureauofEconomicResearch.©2008byFlorinO.Bilbiie,FabioGhironi,andMarcJ.Melitz.Allrightsreserved.Shortsectionsoftext,nottoexceedtwoparagraphs,maybequotedwithoutexplicitpermissionprovidedthatfullcredit,including©notice,isgive
6、ntothesource.MonopolyPowerandEndogenousProductVariety:DistortionsandRemediesFlorinO.Bilbiie,FabioGhironi,andMarcJ.MelitzNBERWorkingPaperNo.14383October2008JELNo.D42,H32,L16ABSTRACTWestudytheefficiencypropertiesofadynamic,stochastic,generalequilibrium,macroeconomicmodel
7、withmonopolisticcompetitionandfirmentrysubjecttosunkcosts,atime-to-buildlag,andexogenousriskoffirmdestruction.Underinelasticlaborsupplyandlinearityofproductioninlabor,themarketeconomyisefficientifandonlyifsymmetric,homotheticpreferencesareoftheC.E.S.formstudiedbyDixita
8、ndStiglitz(1977).Otherwise,efficiencyisrestoredbyproperlydesignedsales,entry,orassettradesubsidies(ortaxes)thatinduce
