caa a22 4500 463158407 CHVBK 20180406164740.0 cr unu---uuuuu 170326e20071201xx s 000 0 eng 10.1007/s10258-007-0027-8 doi (NATIONALLICENCE)springer-10.1007/s10258-007-0027-8 Costa Luís ISEG (School of Economics and Management), Technical University of Lisbon, Rua do Quelhas 6, 1200-781, Lisbon, Portugal aut GDP steady-state multipliers under monopolistic competition revisited [Elektronische Daten] [Luís Costa] New Keynesian general-equilibrium static models showed the fiscal multiplier is an increasing function of the degree of monopoly. Here, I develop a simple intertemporal model allowing us to study the steady-state role of optimal capital stock (and depreciation) in the fiscal policy transmission mechanism. The GDP multiplier may be locally decreasing in the degree of monopoly when the number of firms is fixed, but results depend strongly on the set of parameter values chosen. Using a net-output definition or allowing for free entry leads to unambiguous dominance of the long-run monopolistic multiplier over the Walrasian one. Springer-Verlag, 2007 Multiplier nationallicence Fiscal policy nationallicence Monopolistic competition nationallicence Portuguese Economic Journal Springer-Verlag 6/3(2007-12-01), 181-204 1617-982X 6:3<181 2007 6 10258 https://doi.org/10.1007/s10258-007-0027-8 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10258-007-0027-8 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Costa Luís ISEG (School of Economics and Management), Technical University of Lisbon, Rua do Quelhas 6, 1200-781, Lisbon, Portugal aut NATIONALLICENCE 773 0- Portuguese Economic Journal Springer-Verlag 6/3(2007-12-01), 181-204 1617-982X 6:3<181 2007 6 10258 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer