Fiscal Policy Multipliers: The Role of Monopolistic Competition, Scale Economies, and Intertemporal Substitution in Labour Supply
构建了一个垄断竞争的动态宏观模型，研究财政政策的短期、过渡和长期效应，并与完全竞争情形对比，分析多样性偏好、生产率效应、替代效应和加成率对乘数的影响。
A dynamic macroeconomic model of monopolistic competition is developed for the closed economy. Forward looking consumers demand differentiated goods, supply labour, and save part of their income in the form of shares. Producers manufacture the differentiated goods by using labour and capital. We study the short-run, transition, and long-run effects of fiscal policy. Comparisons with the New Classical case of perfect competition are made. Simple expressions far multipliers are derived. The sensitivity of the multipliers for diversity preference and Ethier productivity effects, intratemporal and intertemporal substitution effects, and markup effects under free and restricted entry are also studied.