By Prof. Luis Corchón (auth.)

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**Example text**

Thus we have that: . I V = 2 Q = 2. T.. (p)Jap. + T.. I I I I IT.. (p)Jap. (p)/ap. are positive. But then T.. IT. :j J v

G. Arrow and Hahn, 1971). However when oligopolistic competition is the relevant solution concept, the situation is different, as is made clear by the following two Propositions. 13. (P ,.. p,,1 .. e [a, b], i = 1, ... , n be 1 1 I 1 a given differentiable dynamic system with aG,/ap, < 0 for all i. Then, there I I exists an economy from the set NIEC which generates the above equations as a gradient system. Proof: Assume costs to be zero (a similar construction to the one below would apply if costs were required to be positive).

E. E .. ( ) has a I non-vanishing determinant. ( )lax . (dxldt. 4 and A. 3 imply b) above. (1 )lax . 4, part c)) and A. 7). We will end this Section by studying the effects of a generalized shock. 6: Under A. 1 it can be shown that x can not be constant. I must increase. 8 and Dixit (1986) and Quirmbach (1988)). Finally without A. 9). 4 INFLATION TRANSMISSION IN THE COURNOT MODEL Sometimes it is argued that inflation results from the combination of cost pushes and the oligopolistic structure of the markets and that if the market could be forced to be more competitive, inflation would be reduced.