In modern economies, the amount of profits distributed to shareholders is far from being negligible. We show that the way profits are distributed among agents matters for the space-economy. For example, the existence of mobile rentiers is sufficient to make the symmetric configuration unstable...

A monetary overlapping generations model with oligopolistic imperfect competition is constructed. In general, output and employment are below their full employment levels. Three alternative expectations hypotheses are used - 'adaptive', 'monetarist' and 'pure rational' - all of which ensure no...

The welfare effects of PTAs are most directly linked to changes in trade prices, i.e., the terms of trade. This paper employs a simple strategic pricing game in segmented markets to measure the effects of MERCOSUR on the pricing of 'non-member' exports to the region. Working with detailed data...

The effects of `voluntary' export restrictions (VERs) on sales of Japanese cars to some European markets are studied in this paper, using a numerically calibrated model of quantitative trade restrictions in a market with imperfect competition and economies of scale. In this framework, the VER...

Theoretical and empirical research suggests that import competition within European markets imposes a major constraint on domestic firms's price-cost margins. The programme for the completion of the European Community's (EC) internal market by 1992 is largely based on the effects expected from a...

We analyse the behaviour of a monopolistic firm in general equilibrium when the firm’s decision are taken through shareholder voting. We show that, depending on the underlying distribution, rational voting may imply overproduction as well as underproduction, relative to the efficient level....

This paper analyses how European anti-dumping policy under imperfect competition affects firm behaviour and domestic welfare. Our theoretical model is the first to complement the European empirical literature on anti-dumping policy (see Messerlin (1989), Hindley (1988), Tharakan and Waelbroeck...

This paper considers the locational choice of firms in an upstream and a downstream industry. Both industries are imperfectly competitive, with firms subject to increasing returns. There are transport costs between the two locations. Depending on the level of these costs there may be a single...