Duopolistic competition and monetary policy *

• 成果类型: Article
• 署名作者: Ueda, Kozo
• 署名单位: Waseda University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2023.01.003
• 发表日期: 2023
• 页码: 70-85
• 关键词: oligopoly; monetary policy; strategic complementarities; new Keynesian model

摘要

To consider the strategic pricing of duopolistic firms and its implications for monetary policy, this study constructs a tractable duopoly model with price stickiness. Dynamic strategic complementarity, in which an increase in a firm's price increases the optimal price set by the rival firm in the following periods, increases steady-state price and the real effect of monetary policy. However, when temporary sales arise as a mixed strategy, the real effect of monetary policy decreases considerably.(c) 2023 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license ( http://creativecommons.org/licenses/by-nc-nd/4.0/ )