巴罗宏观经济学：现代观点第16章.ppt

《巴罗宏观经济学：现代观点第16章.ppt》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、MoneyandBusinessCyclesII:StickyPricesandNominalWageRatesChapter161MacroeconomicsChapter16TheNewKeynesianModel2Extensions:Imperfectcompetition:thetypicalproduceractivelysetsitsprice.Stickyprices:nominalgoodspricesthatdonotreactrapidlytochangedcircumstances.menucostJournalprice2MacroeconomicsCh

2、apter16TheNewKeynesianModelPriceSettingUnderImperfectCompetitionLetP(j)bethepricechargedforagoodbyfirmj.thequantitydemandedoffirmj’sgoodsisq(j)3MacroeconomicsChapter16TheNewKeynesianModelPriceSettingUnderImperfectCompetitionTypically,q(j)dependsonrelativepriceP(j)/Pandtheincomeofconsumers4Mac

3、roeconomicsChapter16Extra:PriceSettingUnderImperfectCompetitionPureMonopolyAsingleseller,whochoosespriceandquantitytomaximizeprofits.Entryintothemarketiscompletelyblockedbytechnologicalorlegalbarriers.Themonopolist’sprofit-maximizationproblem:5MacroeconomicsChapter16Extra:PriceSettingUnderImp

4、erfectCompetitionFOC:istheelasticityofmarketdemandatoutput.6MacroeconomicsChapter16Extra:PriceSettingUnderImperfectCompetitionCournotOligopoly:Thechoicevariableisthequantity.Allfirmschoosesimultaneously.Jidenticalfirmsproduceahomogeneousgood.Theircostfunctionissame:Theinversemarketdemandis:7M

5、acroeconomicsChapter16Extra:PriceSettingUnderImperfectCompetitionTheprofitfunctionoffirmjis:FOC:8MacroeconomicsChapter16Extra:PriceSettingUnderImperfectCompetition9MacroeconomicsChapter16Extra:PriceSettingUnderImperfectCompetitionUnderimperfectcompetition,eachfirmcansetP(j)aboveitsnominalmarg

6、inalcost.TheratioofP(j)tothenominalmarginalcostiscalledthemarkupratiofirmj‘smarkupratio=P(j)/MC(j)10MacroeconomicsChapter16Extra:PriceSettingUnderImperfectCompetitionP(j)=(markupratio)·MC(j)Theproductionfunctionforfirmjlookslikethefunctionwehaveusedbefore:Y(j)=F[κ(j)·K(j),L(j)]MPL(j)=∆Y(j)/∆L

7、(j)11MacroeconomicsChapter16MC(j)=w/MPL(j)P(j)=(markupratio)·[w/MPL(j)]Extra:PriceSettingUnderImperfectCompetition12MacroeconomicsChapter16TheNewKeynesianModelShort-RunResponsestoaMonetaryShockImagineMdoubles.Inthissetting,eachnominalprice,P(