The Endogenous Market Structures Approach. A Technical Survey with Applications to the Theory of Business Cycles, Trade and Growth
The EMSs approach to macroeconomics introduces strategic interactions and en- dogenous entry decisions in the analysis of aggregate phenomena. This approach departs from the perfectly competitive environment, in the sense that rms do not take prices as given, but they do choose their entry and production strategies and they interact strategically. In general equilibrium, this leads to novel implications for the mechanism of propagation of aggregate shocks, for the theory of the gains from trade and for the sources of the growth process. We introduce this emerging literature and discuss some of its implications.
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