In this paper we introduce a microfounded macromodel with endogenous market structure, where macroeconomic fluctuations may be determined by firms’ strategic interactions, entry and exit. All the agents have the same preferences but may differ in their budget constraints and change their social status according to idiosyncratic stochastic shocks that trigger entry, while exit is caused by firms’ bankruptcies. Our numerical simulations show that birth and death of firms (associated with entry and exit) can generate macroeconomic fluctuations without technology shocks.

中文翻译：

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具有进入和退出的寡头垄断经济中的商业周期

在本文中，我们引入了一个具有内生市场结构的微观宏观模型，其中宏观经济波动可能由企业的战略互动、进入和退出决定。所有代理人都有相同的偏好，但可能在预算约束上有所不同，并根据触发进入的特殊随机冲击改变他们的社会地位，而退出则是由公司破产引起的。我们的数值模拟表明，企业的诞生和死亡（与进入和退出相关）可以在没有技术冲击的情况下产生宏观经济波动。