Monopolistic Competition, Business Cycles, and the Composition of Aggregate Demand
构建了一个包含垄断竞争企业和内生加成的动态一般均衡模型，证明在无规模报酬递增或名义刚性的情况下，仅凭预期自我实现就能产生类似美国战后经济周期的持续波动，关键在于加成与总需求构成之间的联系。
We develop a dynamic general equilibrium model with monopolistically competitive firms and endogenous markups and show the possibility of equilibria with persistent fluctuations driven by self-fulfilling revisions of expectations. For some parameter values such fluctuations are characterized by time series properties similar to those observed in U.S. postwar business cycles. In contrast with the existing literature our results do not rely on the presence of increasing returns or nominal rigidities. A key ingredient of the model is the link between markups and the composition of aggregate demand. Some econometric evidence on the latter is also reported. Journal of Economic Literature Classification Number: D43, D58, E32.