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In 1977 a seminal paper was published by Avinash Dixit and Joseph
Stiglitz that revolutionized the modeling of imperfectly
competitive markets. It launched what might be called the second
monopolistic competition revolution, which has been far more
successful than the first one, initiated by Edward Chamberlin and
Joan Robinson in the 1930s. In this 2003 collection of essays
experts in the fields of macroeconomics, international trade
theory, economic geography, and international growth theory address
the question of why the second revolution was so successful. They
also highlight what is missing, and look forward to the next step
in the modeling of imperfectly competitive markets. The text
includes a comprehensive survey of both monopolistic competition
revolutions, and previously unpublished working papers by Dixit and
Stiglitz that led to their famous 1977 paper. With contributions
from Dixit, Ethier, Neary and Stiglitz amongst others, this
collection will excite interest amongst researchers, advanced
students and economists.
Avinash Dixit and Joseph Stiglitz revolutionized the modelling of imperfectly competitive markets and launched "the second monopolistic competition revolution". Experts in the areas of macroeconomics, international trade theory, economic geography, and international growth theory examine the success of the second revolution in this collection of papers. They reveal what appears to be "missing" and look forward to the next step in the modelling of imperfectly competitive markets. The text includes a comprehensive survey of the two monopolistic competition revolutions, and previously unpublished working papers by Dixit and Stiglitz that led to their famous 1977 paper.
The study of macroeconomics can seem a daunting project. The field
is complex and sometimes poorly defined and there are a variety of
competing approaches. It is easy for the senior bachelor and
starting master student to get lost in the forest of macroeconomics
and the mathematics it uses extensively. Foundations of Modern
Macroeconomics is a guide book for the interested and ambitious
student. Non-partisan in its approach, it deals with all the major
topics, summarising the important approaches and providing the
reader with a coherent angle on all aspects of macroeconomic
thought. Each chapter deals with a separate area of macroeconomics,
and each contains a summary section of key points and a further
reading list. Using nothing more than undergraduate mathematical
skills, it takes the student from basic IS-LM style macro models to
the state of the art literature on Dynamic Stochastic General
Equilibrium, explaining the mathematical tricks used where they are
first introduced. Fully updated and substantially revised, this
third edition of Foundations of Modern Macroeconomics now includes
brand new chapters covering highly topical subjects such as dynamic
programming, competitive risk sharing equilibria and the New
Keynesian DSGE approach.
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