Hostname: page-component-77c89778f8-gq7q9 Total loading time: 0 Render date: 2024-07-16T10:07:47.622Z Has data issue: false hasContentIssue false
  • English
  • Français

Concurrence imparfaite, variabilité du taux de marge et fluctuations endogènes

Published online by Cambridge University Press:  17 August 2016

Thomas Seegmuller
Thomas Seegmuller*
Affiliation:
BETA-Theme
Get access

Résumé

Nous étudions l'émergence de fluctuations endogènes dans un modèle à générations imbriquées dans lequel les producteurs se livrent une concurrence à la Cournot avec libre entrée. L'économie est caractérisée par un taux de marge variable et des rendements croissants. Nous analysons l'influence de la variabilité du taux de marge et du niveau des rendements croissants sur l'indétermination locale de l'équilibre stationnaire et l'existence de cycles endogènes. Nous montrons que des fluctuations endogènes stochastiques et déterministes peuvent émerger si les rendements sont faiblement croissants et sont proches des rendements constants. Par ailleurs, de telles fluctuations peuvent apparaître lorsque la demande de travail est décroissante et a une pente inférieure à celle de l'offre de travail.

Summary

Summary

We study the emergence of endogenous fluctuations in an overlapping generations model where there is Cournot competition with free entry. The mark-up is variable and the returns to scale are increasing. We analyze the role of mark-up variability and increasing returns on the local indeterminacy and on the occurrence of endogenous cycles. We show that endogenous deterministic and stochastic fluctuations can emerge if the increasing returns are small and closed to constant returns. Moreover such fluctuations can appear when the labor demand is decreasing and has a slope weaker than the labor supply.

Keywords

Fluctuations endogènesconcurrence imparfaitevariabilité du taux de margeD43E32Endogenous fluctuationsimperfect competitionmark-up variabilityD43E32
Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 69 , Issue 4 , 2003 , pp. 371 - 386
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 2003 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Footnotes

*

Je tiens à remercier Antoine d'Autume, Francesco De Palma, Rodolphe Dos Santos Ferreira, Teresa Lloyd-Braga, Isabelle Maret, Hubert Stahn, Alain Venditti et les rapporteurs pour leurs commentaires et leurs suggestions. Les erreurs et omissions qui pourraient subsister sont de la seuie responsabilité de I'auteur.

**

Université Louis Pasteur, 61, avenue de la Forêt-Noire, 67085 Strasbourg Cedex, France, Tel: (33) 3 90 24 20 98, Fax: (33) 3 90 24 20 71, e-mail: seegmu@cournot.u-strasbg.fr

References

Références

Basu, S., and Fernald, J.G. (1995), “Are Apparent Productive Spillovers a Figment of Specification Error ?”, Journal of Monetary Economics, vol.36, pp. 165–188.Google Scholar
Basu, S., and Fernald, J.G. (1997), “Returns to Scale in US Production: Estimates and Implications”, Journal of Political Economy, vol.105, pp.249–283.Google Scholar
Benhabib, J., and Day, R.H. (1982), “A Characterization of Erratic Dynamics in the Overlapping Generations Model”, Journal of Economic Dynamics and Control, vol.4, pp.37–55.Google Scholar
Benhabib, J., and Farmer, R.E.A. (1994), “Indeterminacy and Increasing Returns” Journal of Economic Theory, vol.63, pp.19–41.Google Scholar
Bils, M., (1987), “The Cyclical Behavior of Marginal Cost and Price”, American Economic Review, vol.77, pp.838–855.Google Scholar
Boldrin, M., and Woodford, M. (1990), “Equilibrium Models Displaying Endogenous Fluctuations and Chaos”, Journal of Monetary Economics, vol.25, pp.189–222.Google Scholar
Burnside, C., (1996), “Production Function Regressions, Returns to Scale, and Externalities”, Journal of Monetary Economics, vol.37, pp.177–201.Google Scholar
Caballero, R.J., and Lyons, R.K. (1992), “External Effects in US Procyclical Productivity”, Journal of Monetary Economics, vol.29, pp.209–225.Google Scholar
Cazzavillan, G., (2001), “Indeterminacy and Endogenous Fluctuations with Arbitrarily Small Externalities”, Journal of Economic Theory, vol.101, pp.133–157.Google Scholar
Cazzavillan, G., Lloyd-Braga, T. and Pintus, P. (1998), “Multiple Steady States and Endogenous Fluctuations with Increasing Returns to Scale in Production”, Journal of Economic Theory, vol.80, pp.60–107.Google Scholar
Cazzavillan, G., and Pintus, P. (2001), “Endogenous Labor Supply, Gross Substitutability and Robustness of Multiple Equilibria in OLG Economies”, Working Paper GREQAM 01A14, Aix-Marseille.Google Scholar
Coimbra, R., (1999), “Efficiency Wages, Increasing Returns and Endogenous Fluctuations”, Discussion Paper 99/06, University of York.Google Scholar
Coimbra, R., Lloyd-Braga, T. and Modesto, L. (2000), “Unions, Increasing Returns and Endogenous Fluctuations”, IZA Discussion Paper 229, Bonn.Google Scholar
Cook, D., (2001), “Time to Enter and Business Cycles”, Journal of Economic Dynamics and Control, vol.25, pp.1241–1261.Google Scholar
d’Aspremont, C, Dos Santos Ferreira, R. and Gérard-Varet, L.-A. (1995), “Market Power, Coordination Failures and Endogenous Fluctuations”, in Dixon, H.D. and Rankin, N. (eds), The New Macroeconomics : Imperfect Markets and Policy Effectiveness, pp.94–138, Cambridge, Cambridge University Press.Google Scholar
de Vilder, R.G. (1996), “Complicated Endogenous Business Cycles under Gross Substitutability”, Journal of Economic Theory, vol.69, pp.416–442.Google Scholar
Dos Santos Ferreira, R., and Lloyd-Braga, T. (2000), “Nonlinear Endogenous Fluctuations with Free Entry and Variable Markups”, miméo, Strasbourg.Google Scholar
Gali, J., (1994), “Monopolistic Competition, Business Cycles, and the Composition of Aggregate Demand", Journal of Economic Theory, vol.63, pp.73–96.Google Scholar
Grandmont, J.-M., (1985), “On Endogenous Competitive Business Cycles”, Econometrica, vol.53, pp.995–1045.Google Scholar
Grandmont, J.-M., (1988), “Nonlinear Difference Equations, Bifurcation and Chaos : an Introduction”, Working Paper 8811, CEPREMAP.Google Scholar
Grandmont, J.-M., Pintus, P. and de Vilder, R. (1998), “Capital-labour Substitution and Competitive Nonlinear Endogenous Business Cycles”, Journal of Economic Theory, vol.80, pp. 14–59.Google Scholar
Guesnerie, R., and Woodford, M. (1992), “Endogenous Fluctuations”, in Laffont, J.-J. (ed), Advances in Economic Theory : Proceedings of the 6th World Congress of the Econometric Society, vol.2, pp.289–412, Cambridge, Ma, Cambridge University Press.Google Scholar
Hansen, G., (1985), “Indivisible Labor and the Business Cycle”, Journal of Monetary Economics, vol.16, pp.309–325.Google Scholar
Jacobsen, H.J., (1998), “Endogenous Product Diversity and Endogenous Business Cycles”, Discussion Paper 98-15, University of Copenhagen.Google Scholar
Kuhry, Y., (2001), “Endogenous Fluctuations in a Cournotian Monopolistic Competition Model with Free Entry and Market Power Variability”, Research in Economics, vol.55, pp.389–412.Google Scholar
Martins, J.O., and Scarpetta, S. (1999), “The Levels and Cyclical Behaviour of Mark-ups across Countries and Market Structures”, Economics Department Working Papers 213 OCDE.Google Scholar
Portier, F., (1995), “Business Formation and Cyclical Markups in the French Business Cycle”, Annales d’Économie et de Statistique, vol.37/38, pp.411–440.Google Scholar
Reichlin, P., (1986), “Equilibrium Cycles in an Overlapping Generations Economy with Production”, Journal of Economic Theory, vol.40, pp.89–103.Google Scholar
Rivard, B., (1994), “Monopolistic Competition, Increasing Returns, and Self-fulfilling Prophecies”, Journal of Economic Theory, vol.62, pp.346–362.Google Scholar
Rotemberg, J.J., and Woodford, M. (1991), “Markups and the Business Cycle”, in Blanchard, O.J. and Fischer, S. (eds), NBER Macroeconomics Annual, pp.63–128, Cambridge, Ma, MIT Press.Google Scholar
Seegmuller, T., (2001), “Capital-labour Substitution and Endogenous Fluctuations : a Monopolistic Competition Approach with Variable Markup”, miméo, Strasbourg.Google Scholar
Weder, M., (2000), “Animal Spirits, Technology Shocks and the Business Cycle”, Journal of Economic Dynamics and Control, vol.24, pp.273–295.Google Scholar
Woodford, M., (1986), “Stationary Sunspot Equilibria in a Finance Constrained Economy”, Journal of Economic Theory, vol.40, pp. 128–137.Google Scholar
Woodford, M., (1991), “Self-fulfilling Expectations and Fluctuations in Aggregate Demand”, in Mankiw, N.G. and Romer, D. (eds), New Key-nesian Economics, vol.2, pp.77–110, Cambridge, MIT Press.Google Scholar