What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model

Abstract : 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 within firms in each sector, and between each sector. The resulting pattern of relative prices are consistent with the labor theory of value. Those emerging features are robust to technology shocks.
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https://hal.archives-ouvertes.fr/hal-01486597
Contributeur : Pascal Seppecher <>
Soumis le : vendredi 10 mars 2017 - 10:46:42
Dernière modification le : jeudi 16 mars 2017 - 07:44:45
Document(s) archivé(s) le : dimanche 11 juin 2017 - 13:52:48

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  • HAL Id : hal-01486597, version 1

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Pascal Seppecher, Isabelle Salle, Marc Lavoie. What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model. 2017. <hal-01486597>

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