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This paper develops a statistical framework of steady-state identities which enable us to match the distributions of durations found in the micro-data to generalized Taylor and Calvo models of time-dependent pricing. We illustrate the approach with the UK micro CPI data for 2006-2009, and employ...
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This paper outlines a multisector dynamic model of the convergence of market prices to natural prices in conditions of fixed technology and composition of demand. Prices and quantities adjust in real-time in response to excess supplies and differential profit-rates. Finance capitalists earn...
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reply to Mirowski's (1989) critique that Marx held a contradictory "substance" and "field" theory of value. …
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We propose a simple theory of predatory pricing, based on scale economies and sequential buyers (or markets). The …
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