期刊名称：Discussion Papers / Department of Economics, University of Essex
出版年度：2004
卷号：2004
出版社：University of Essex
摘要：Modelling oligopoly in general equilibrium is about understanding the aggregate
effects of the strategic behavior that nonatomistic agents may exhibit in their
markets. Real-world economies appear to be characterized by (monopoly)
power-endowed agents behaving strategically - namely, firms and unions. By
abstracting from this behavior, we risk missing some important features of the
macroeconomy. We develop a general equilibrium model of unionized oligopoly
aimed at addressing this point. We evaluate the macroeconomic effects of
supply-side shocks under alternative product and labor market structures. In
addition, the micro foundations of the model capture an alternative channel for
the development of strategic interactions among firms, unions and the monetary
authority. This channel creates a transmission mechanism for real effects of
monetary policy-related shocks, which we investigate. Finally, in the light of
the predictions of the model, we discuss macroeconomic performance in
Continental Europe over the 1990s.
