| Authors |
|
| Publication date |
12-2018
|
| Journal |
Industrial and Corporate Change
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| Volume | Issue number |
27 | 6
|
| Pages (from-to) |
1045-1067
|
| Organisations |
-
Faculty of Economics and Business (FEB) - Amsterdam School of Economics Research Institute (ASE-RI)
|
| Abstract |
This article 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.
|
| Document type |
Article
|
| Note |
With supplementary file
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| Language |
English
|
| Published at |
https://doi.org/10.1093/icc/dty011
|
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