Oligopoly, Reaction Functions, and Monetary Policy
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概要
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This paper examines a general equilibrium model of financial markets where the commercial banks act as either Cournot, Bertrand, or market-share oligopolists. Based on the banks'profit maximization, I study the effects of changes in monetary policy tools, the bank number, and technology in bank operation, on the rates of interest, money supply, the money multiplier, and bank profits. I found, among others, that when the banks act as Bertrand or market-share oligopolists and their technology shows constant returns to scale, so that their cost functions have constant marginal cost, then money supply, the money multiplier, and rates of interest become independent of the bank number or of the size of financial markets.Summary: p.292
- 千葉大学経済学会の論文
- 2010-09-00
千葉大学経済学会 | 論文
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