Imperfect Competition and the Effects of Energy Price Increases on Economic Activity
修改新古典增长模型，假设市场竞争不完全，能更好解释油价上涨后美国产出和实际工资的下降幅度，尤其符合隐性合谋模型。
We show that modifying the standard neoclassical growth model by assuming that competition is imperfect makes it easier to explain the size of the declines in output and real wages that follow increases in the price of oil. Plausibly parameterized models of this type are able to mimic the response of output and real wages in the United States. The responses are particularly consistent with a model of implicit collusion where markups depend positively on the ratio of the expected present value of future profits to the current level of output.