Working Paper n°2017-02 – The financialisation-offshoring nexus and the capital accumulation of U.S. nonfinancial firms – Tristan Auvray (CEPN) et Joel Rabinovich (CEPN)

Authors

Tristant Auvray
Membre du CEPN – Université Paris 13
tristan.auvray  [at] univ-paris13.fr

Joel Rabinovich
Membre du CEPN – Université Paris 13
joel.rabi [at] gmail.com

Abstract

The financialisation of the nonfinancial corporation has drawn the attention of many scholars who have identified two channels by which financialisation happens: a higher proportion of financial assets compared to nonfinancial ones and a higher amount of resources distributed to financial markets. One of the consequences of this is …[Lire la suite]

Working Paper n°2017-03 – What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model – Pascal Seppecher (CEPN) Isabelle Salle (Utrecht University) et Marc Lavoie (CEPN)

This paper 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 within firms in each sector, and between each sector. The resulting pattern of relative prices are consistent with the labor theory of value. Those emerging features are robust to technology shocks.

Keywords: …[Lire la suite]