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      Bertrand-edgeworth equilibrium in a cash-in-advance economy

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      Author
      Başçı, E.
      Saglam, I.
      Date
      2003
      Source Title
      Oxford Economic Papers
      Print ISSN
      0030-7653
      Electronic ISSN
      1464-3812
      Publisher
      Oxford University Press
      Volume
      55
      Issue
      4
      Pages
      679 - 695
      Language
      English
      Type
      Article
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      Abstract
      This paper is about price and wage competition in a dynamic general equilibrium model. We consider an equity financed economy where firms need money to finance their input costs. Part of the output is sold for money to be used in the next period as working capital and the remaining part is distributed to owners as real dividends. We first characterize the steady state competitive equilibrium path. Second, we study whether this competitive equilibrium can be supported as a pure strategy Nash equilibrium in price and wage setting games. We prove a positive result for price competition and a negative one for wage competition.
      Keywords
      Competition (economics)
      Economic theory
      Price dynamics
      Wage
      Permalink
      http://hdl.handle.net/11693/24426
      Published Version (Please cite this version)
      https://doi.org/10.1093/oep/55.4.679
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      • Department of Economics 649
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