of the space of all price paths in time to the space of time-constant prices is sensible since the latter in general … contains Nash equilibria. We prove that the equilibrium price of the weakest active firm tends to marginal cost as the number …

We carry out an experiment on a macroeconomic price setting game where prices are complements. Despite relevant … information being common knowledge and price flexibility we observe significant deviation from equilibrium prices and history …. Our findings cast light on price dynamics when subjects have limited computational capacities. -- Inflation Persistence …

being a special case. Due to the price feedback from the commodity market and to income-induced demand effects, all … those of the same economy under competitive wage and price setting. These are: stationary equilibria with perfect foresight …