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Fiscal policy under imperfect competition with flexible prices: An overview and survey

Costa, Luís F. and Dixon, Huw David 2011. Fiscal policy under imperfect competition with flexible prices: An overview and survey. Economics: The Open-Access, Open-Assessment E-Journal 5 , 2011-3. 10.5018/economics-ejournal.ja.2011-3

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Abstract

This paper surveys the link between imperfect competition and the effects of fiscal policy on output, employment and welfare. We examine static and dynamic models, with and without entry under a variety of assumptions using a common analytical framework. We find that in general there is a robust relationship between the fiscal multiplier and welfare, the tantalizing possibility of Pareto improving fiscal policy is much more elusive. In general, the mechanisms are supply side, and so welfare improving policy, whilst possible, is not a general result.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HF Commerce
Uncontrolled Keywords: Fiscal policy; imperfect competition
Publisher: Kiel Institute for the World Economy
ISSN: 1864-6042
Last Modified: 04 Jun 2017 04:24
URI: http://orca.cf.ac.uk/id/eprint/38219

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