Sticky Prices as Adjustment to Equilibrium

A preliminary draft of a new paper. People have to search for better prices, firms are reluctant to raise prices above their competitors’ for fear of losing customers. Search replaces the Walrasian auctioneer. It’s an old idea, but a newish model, with a focus on dynamics of the price level. I’m circulating it half finished in the hope of getting feedback on what I’ve done so far before plunging ahead. Can you make it simpler? Read the paper>