The New Macroeconomics Imperfect Markets and Policy Effectiveness [Paperback]

Brings together leading researchers from the USA and Europe to examine the literature on the new macroeconomics.The focus of this book is on the rapidly growing research field of imperfect competition, asymmetric information, and other market imperfections in a macroeconomic context. It brings together leading researchers from the U.S. and Europe to examine implications for output, labor and financial markets.The focus of this book is on the rapidly growing research field of imperfect competition, asymmetric information, and other market imperfections in a macroeconomic context. It brings together leading researchers from the U.S. and Europe to examine implications for output, labor and financial markets.This book focuses on the rapidly growing research field of imperfect competition, asymmetric information, and other market imperfections in a macroeconomic context. It brings together leading researchers from the U.S. and Europe to examine the implications for macroeconomic policy of market imperfections in output, labor and financial markets. All the contributions are original, and include several general surveys and expository chapters that synthesize the larger literature, along with some state-of-the-art research at the frontier of the discipline. This is the first volume to focus exclusively on this literature. It should be a valuable resource for graduate students and researchers in macroeconomics.Introduction Huw Dixon and Neil Rankin; Part I. Overviews and Perspectives: 1. Classical and Keynesian features in macroeconomic models with imperfect competition Jean-Pascal B?nassy; 2. Imperfect competition and macroeconomics: a survey Huw Dixon and Neil Rankin; 3. Notes on imperfect competition and new Keynesian economics Richard Startz; Part II. Goods Market Imperfections: 4. Optimal labour contracts and imperfect competition: a framework for analysis Russell Cooper; 5. Market power, coordination failures and endogenous fluctuations Claude d'Aspremont, RodollS4