Public capital and imperfect competition |
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| Affiliation: | 1. Department of Biotechnology & Microbiology and Inter-University Centre for Bioscience, Kannur University, Thalassery Campus, Palayad, Kerala 670 661, India;2. Molecular Biophysics Unit, Indian Institute of Science, Bangalore 560 012, India;1. Centre for Interdisciplinary Research in Basic Sciences, Jamia Millia Islamia, New Delhi, 110025, India;2. Immunochemistry Lab, National Institute of Immunology, Aruna Asaf Ali Marg, New Delhi, 110067, India;1. Department of Bio-Sciences, Integral University, Lucknow, 226026, India;2. Department of Bio-Engineering, Integral University, Lucknow, 226026, India;1. Université du Québec à Montréal, Canada;2. Université du Québec à Montréal, CIRANO, and CIREQ, Canada |
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| Abstract: | In this paper we consider a macroeconomic model in which public capital is a productive input and there is monopolistic competition in the product market. We analyze the effects of a permanent variation in public capital investment both in the short and in the long run. Finally, we show that the optimal provision of public capital under imperfect competition is higher than that associated with the first-best policy. |
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