Monopolistic Competition as a Foundation for Keynesian Macroeconomic Models
构建了一个基于垄断竞争的一般均衡宏观经济模型，短期存在传统乘数效应，长期因自由进入而消失，所有主体完全理性，凯恩斯结果源于垄断竞争导致的私人最优与社会最优的偏离。
A general equilibrium macroeconomic model based on monopolistic competition is presented. The model exhibits a traditional multiplier in the short run, but due to free entry, the multiplier disappears in the long run. By construction all agents are fully rational. The Keynesian results are a consequence of the assumption of monopolistic competition, which creates a divergence between optimal private behavior and optimal social behavior.