What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model
Pascal Seppecher
- Fonction : Auteur
- PersonId : 317
- IdHAL : pascal-seppecher
- IdRef : 160443598
Marc Lavoie
- Fonction : Auteur
- PersonId : 9081
- IdHAL : marc-lavoie
- IdRef : 031878032
Résumé
This paper studies coordination between firms in a multi-sectoral macroeconomic model with endogenous business cycles. Firms are both in competition and interdependent, and set their prices with a markup over unit costs. Markups are heterogeneous and evolve under market pressure. We observe a systematic coordination between firms of each sector, and between each sector. The resulting pattern of relative prices is fairly consistent with the labor theory of value. These emerging features are robust to technology shocks.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Résumé |
en
This paper studies coordination between firms in a multi-sectoral macroeconomic model with endogenous business cycles. Firms are both in competition and interdependent, and set their prices with a markup over unit costs. Markups are heterogeneous and evolve under market pressure. We observe a systematic coordination between firms of each sector, and between each sector. The resulting pattern of relative prices is fairly consistent with the labor theory of value. These emerging features are robust to technology shocks.
|
Titre |
en
What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model
|
Auteur(s) |
Pascal Seppecher
1
, Isabelle Salle
2
, Marc Lavoie
1
1
CEPN -
Centre d'Economie de l'Université Paris Nord
( 147976 )
- UFR de Sciences Economiques, Université Paris 13, 99 avenue Jean-Baptiste Clément, F-93430, Villetaneuse.
- France
2
U.S.E. -
Utrecht School of Economics
( 198626 )
- 3512 BL;Utrecht
- Pays-Bas
|
Volume |
27
|
Date de publication |
2018-12
|
Langue du document |
Anglais
|
Nom de la revue |
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Page/Identifiant |
1045-1067
|
Numéro |
6
|
Domaine(s) |
|
Mots-clés (JEL) |
|
DOI | 10.1093/icc/dty011 |
Loading...