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Market power and output stability |
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| Authors: | Sherrill Shaffer |
| Institution: | Federal Reserve Bank of New York, New York, NY 10045, USA |
| Abstract: | The conjectural variation elasticity is used in a comparative statics analysis to show that, contrary to a long-standing tenet of industrial organization, market power may destabilize output when cost and demand are stochastic, under other assumptions similar to those of recent empirical studies. |
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