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Article: Search frictions, market power, and long-run growth

TitleSearch frictions, market power, and long-run growth
Authors
Tse, CY
KeywordsLong-run growth
Market structure
Search
Issue Date2004
PublisherAcademic Press. The Journal's web site is located at http://www.elsevier.com/locate/jet
Citation
Journal Of Economic Theory, 2004, v. 116 n. 2, p. 323-346 How to Cite?
DOI: http://dx.doi.org/10.1016/S0022-0531(03)00260-6
AbstractThis paper embeds product market search in an Ak growth model to study the effects of search frictions on market structure, capital accumulation, and long-run growth. The basic hypothesis is that search frictions, in giving rise to market power, result in higher prices and lower output levels. The falling demand for capital stemming from firms cutting back output then lowers the interest rate, dampening capital accumulation and slowing down growth. A decline in search frictions sets the process in reverse, eventually speeding up growth through the change in market structure. In the meantime, the stock market values of firms could fall. © 2003 Elsevier Inc. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/85695
ISSN
0022-0531
2023 Impact Factor: 1.4
2023 SCImago Journal Rankings: 3.218
ISI Accession Number ID
WOS:000221833800006
References
References in Scopus

 

DC FieldValueLanguage
dc.contributor.authorTse, CYen_HK
dc.date.accessioned2010-09-06T09:08:07Z-
dc.date.available2010-09-06T09:08:07Z-
dc.date.issued2004en_HK
dc.identifier.citationJournal Of Economic Theory, 2004, v. 116 n. 2, p. 323-346en_HK
dc.identifier.issn0022-0531en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85695-
dc.description.abstractThis paper embeds product market search in an Ak growth model to study the effects of search frictions on market structure, capital accumulation, and long-run growth. The basic hypothesis is that search frictions, in giving rise to market power, result in higher prices and lower output levels. The falling demand for capital stemming from firms cutting back output then lowers the interest rate, dampening capital accumulation and slowing down growth. A decline in search frictions sets the process in reverse, eventually speeding up growth through the change in market structure. In the meantime, the stock market values of firms could fall. © 2003 Elsevier Inc. All rights reserved.en_HK
dc.languageengen_HK
dc.publisherAcademic Press. The Journal's web site is located at http://www.elsevier.com/locate/jeten_HK
dc.relation.ispartofJournal of Economic Theoryen_HK
dc.subjectLong-run growthen_HK
dc.subjectMarket structureen_HK
dc.subjectSearchen_HK
dc.titleSearch frictions, market power, and long-run growthen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0022-0531&volume=116&spage=323&epage=346&date=2004&atitle=Search+Frictions,+Market+Power+and+Long+Run+Growthen_HK
dc.identifier.emailTse, CY: cytse@hkucc.hku.hken_HK
dc.identifier.authorityTse, CY=rp01099en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/S0022-0531(03)00260-6en_HK
dc.identifier.scopuseid_2-s2.0-3242740455en_HK
dc.identifier.hkuros91880en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-3242740455&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume116en_HK
dc.identifier.issue2en_HK
dc.identifier.spage323en_HK
dc.identifier.epage346en_HK
dc.identifier.isiWOS:000221833800006-
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridTse, CY=7103295092en_HK
dc.identifier.issnl0022-0531-

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