Resurrecting the Role of the Product Market Wedge in Recessions
研究发现，美国近几十年的就业和工时波动比生产率和消费所预示的更大，而价格加成（产品市场扭曲）的周期性至少与工资加成（劳动力市场扭曲）一样强，因此反周期的价格加成应与粘性工资和匹配摩擦一样成为商业周期研究的核心。
Employment and hours are more cyclical than dictated by productivity and consumption. This intratemporal labor wedge can arise from product or labor market distortions. Based on employee wages, the literature has attributed the intratemporal wedge almost entirely to labor market distortions. Because wages may be smoothed versions of labor's true cyclical price, we instead examine the self-employed and intermediate inputs, respectively. For recent decades in the United States, we find price markup movements are at least as cyclical as wage markup movements. Thus, countercyclical price markups deserve a central place in business-cycle research, alongside sticky wages and matching frictions.