; this is equivalent to modeling firms as an implicit cartel playing a punishment game. We show that coordination can … partially or fully eliminate the first kind of inefficiency, depending on the magnitude of the punishment, but cannot always … remove the second. The response of prices to a monetary shock will depend on the magnitude of the punishment, and may be …

; this is equivalent to modeling firms as an implicit cartel playing a punishment game. We show that coordination can … partially or fully eliminate the first kind of inefficiency, depending on the magnitude of the punishment, but cannot always … remove the second. The response of prices to a monetary shock will depend on the magnitude of the punishment, and may be …

the world of finance--from Janet Yellen, Mario Draghi, and Ben Bernanke to Christine Lagarde and Angela Merkel--Collusion …