Endogenous Market Structures and the Business Cycle
在DSGE模型中研究了伯川德和古诺竞争下的内生市场结构，发现短期加价逆周期变化，长期加价受贴现因子、生产率、退出率和进入成本影响，且古诺竞争下过度进入可能导致动态无效率。
We characterise endogenous market structures under Bertrand and Cournot competition in a DSGE model. Short-run mark ups vary countercyclically because of the impact of entry on competition. Long-run mark ups are decreasing in the discount factor and in productivity, and increasing in the exit rate and in the entry costs. Dynamic inefficiency can emerge due to excessive entry under Cournot competition. Positive temporary shocks attract entry, which strengthens competition so as to reduce the mark ups temporarily and increase real wages: this competition effect creates an intertemporal substitution effect which boosts consumption and employment. Endogenous market structures improve the ability of a flexible prices model in matching impulse response functions and second moments for US data. Copyright (C) The Author(s). Journal compilation (C) Royal Economic Society 2010.