Market Behaviour and Macroeconomic Modelling

1. Front Matter

   Pages i-xvi

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2. Imperfect Competition (A)

   1. Front Matter

      Pages 1-1

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   2. The Multiplier in an Economy with Monopolistic Output Markets and Competitive Labour Markets

      • Marta Aloi, Huw Dixon, Phillip Lawler

      Pages 3-40

   3. Imperfect Competition and Aggregate Price Equations

      • Ate Nieuwenhuis

      Pages 41-69

3. Imperfect Competition (B)

   1. Front Matter

      Pages 71-71

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   2. A Critical Assessment of the Role of Imperfect Competition in Macroeconomics

      • Dennis W. Carlton

      Pages 73-104

   3. An International Comparative Analysis of the State of Competition

      • Robert C. G. Haffner, Peter A. G. van Bergeijk

      Pages 105-126

4. Financial Market Imperfections

   1. Front Matter

      Pages 127-127

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   2. The Importance of Credit for Macroeconomic Activity: Identification through Heterogeneity

      • Simon Gilchrist, Egon Zakrajšek

      Pages 129-157

   3. Investment and Debt Constraints: Evidence from Dutch Panel Data

      • Hans van Ees, Harry Garretsen, Leo de Haan, Elmer Sterken

      Pages 159-179

5. Labour Market Imperfections

   1. Front Matter

      Pages 181-181

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   2. Sticky Consumption and Rigid Wages

      • Tore Ellingsen, Steinar Holden

      Pages 183-200

   3. Structural Aspects of the Labour Markets of Five OECD Countries

      • Geert Ridder, Niels de Visser, Gerard van den Berg

      Pages 201-218

6. Short-run Rigidities

   1. Front Matter

      Pages 219-219

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   2. Short-run Rigidities and Long-run Equilibrium in Large-scale Macroeconometric Models

      • Keith B. Church, Peter R. Mitchell, Kenneth F. Wallis

      Pages 221-241

   3. High and Low-Skilled Labour in a Macroeconometric Model of the Netherlands

      • D. P. Broer, D. A. G. Draper, A. Houweling, F. H. Huizinga, P. A. de Jongh

      Pages 243-271

7. Intertemporal Modelling

   1. Front Matter

      Pages 273-273

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   2. Uses and Limitations of Public Debt

      • Willem H. Buiter, Kenneth M. Kletzer

      Pages 275-307

   3. Capital Income Taxation and the Sustainability of Permanent Primary Deficits

      • Harald Uhlig

      Pages 309-337

8. Policy Implications

   1. Front Matter

      Pages 339-339

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Market Behaviour and Macroeconomic Modelling discusses several state-of-the-art developments in the modelling approach to market behaviour in macroeconomic modelling. Leading experts in this field, deal with the implications of market imperfections in commodity markets, capital markets and labour markets for macroeconomic modelling and stabilization policy. They demonstrate that incorporating market imperfections leads to very different policy recommendations than those derived from the standard perfect competition model.

• econometrics
• economic growth
• growth
• labor market
• macroeconomics
• modeling

• University of Groningen, The Netherlands

  Steven Brakman, Hans Ees, Simon K. Kuipers

M. ALOI Department of Economics, University of York, York A. VAN DEN BERG Department of Economics, Free University Amsterdam P. A. G. VAN BERGEIJK Netherlands Central Bank, Amsterdam D. P. BROER CPB - Netherlands Bureau for Economic Policy Analysis, The Hague W. H. BUITER Department of Economics, Cambridge University, Cambridge D. W. CARLTON Department of Economics, University of Chicago, Chicago K. B. CHURCH Department of Economics, University of Warwick, Coventry H. D. DIXON Department of Economics, University of York, York D. A. G. DRAPER CPB - Netherlands Bureau for Economic Policy Analysis, The Hague T. ELLINGSEN Department of Economics, University of Oslo, Oslo H. GARRETSEN Department of Economics, University of Nijmegen, Nijmegen S. G. GILCHRIST Department of Economics, Boston University, Boston L. DE HAAN Netherlands Central Bank, Amsterdam J. DE HAAN Department of Economics, University of Groningen, Groningen R. C. G. HAFFNER Ministry of Economic Affairs, The Hague S. HOLDEN Department of Economics, University of Oslo, Oslo A. HOUWELING CPB - Netherlands Bureau for Economic Policy Analysis, The Hague F. H. HUIZINGA CPB - Netherlands Bureau for Economic Policy Analysis, The Hague P. A. DE JONG CPB - Netherlands Bureau for Economic Policy Analysis, The Huage K. KLETZNER Department of Economics, University of California, Santa Cruz G. H. KUPER Department of Economics, University of Groningen, Groningen P. LAWLER Department of Economics, University of York, York A. NIEUWENHUIS CPB - Netherlands Bureau for Economic Policy Analysis, The Hague G. RIDDER Department of Economics, Free University, Amsterdam T. H. ROELANDT Ministry of Economic Affairs, The Hague J. VAN SINDEREN Ministry of Economic Affairs, The Hague E. STERKEN Department of Economics, University of Groningen, Groningen J. E. STURM Department of Economics, University of Groningen, Groningen H. UGLIG Centre for Economic Research, Tilburg University, Tilburg N. DE VISSER Department of Economics, Free University, Amsterdam K. F. WALLIS Department of Economics, University of Warwick, Coventry E. ZAKRAJSEK Federal Reserve Board, Washington.

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