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Surfing Economics is a collection of essays by one of Europe's leading young economists. These essays are written to bring to life in a non-technical manner some of the fundamental ideas and concepts in contemporary economics, including new Keynesian economics, the natural rate, bounded rationality, social learning and the meaning of economics. Whilst primarily written for the undergraduate student, these essays will entertain and enlighten economists of all ages. Above all, the essays convey the enthusiasm and excitement of Huw Dixon for economics along with his valuable insights into the subject. Just the thing to brighten up your reading lists

ABSTRACTIn this paper we analyse the implications of integer pricing for Bertrand Edgeworth oligopoly with strictly convex costs. When price is a continuous variable, there is a generic non‐existence of pure‐strategy equilibrium. In the case of integer pricing, this is not so. We characterize a set of possible single price equilibria around the competitive price, which if non‐empty will constitute the set of single price equilibria if the industry is large enough. Furthermore, we provide an example in which the highest equilibrium price can be arbitrarily far from the competitive price.

This book focuses on the rapidly growing research field of imperfect competition, asymmetric information, and other market imperfections in a macroeconomic context. It brings together leading researchers from the USA and Europe to examine the implications for macroeconomic policy of market imperfections in output, labour and financial markets. All the contributions are original, and include several general surveys and expository chapters which synthesize the large literature, along with some state-of-the-art research at the frontier of the discipline. This is the first volume to focus exclusively on this literature. It should be a valuable resource for graduate students and researchers in macroeconomics

This paper surveys the link between imperfect competition and the effects of fiscal policy on output, employment and welfare. We examine static and dynamic models, with and without entry under a variety of assumptions using a common analytical framework. We find that in general there is a robust relationship between the fiscal multiplier and welfare, the tantalizing possibility of Pareto improving fiscal policy is much more elusive. In general, the mechanisms are supply side, and so welfare improving policy, whilst possible, is not a general result.

The Generalized Calvo and the Generalized Taylor model of price and wage-setting are, unlike the standard Calvo and Taylor counter-parts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro-data from a major euro-area economy (France), we develop calibrated versions of these models. We assess the consequences for monetary policy transmission by embedding these calibrated models in a standard DSGE model. The Generalized Taylor model is found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of systematic wage and price indexation.