Understanding Markups in the Open Economy
建立了一个开放经济中异质性企业间伯特兰竞争的新模型，揭示了加成率的宏观分布如何随贸易开放度和技术水平变化，并推导出与实证文献一致的简单解析结论。
This paper presents a new model of Bertrand competition between heterogeneous firms in the open economy where the macroeconomic distribution of markups responds to the degree of trade openness and the underlying level of technology in each trading partner. The model’s simple closed-form distributions for markups and pricing yield predictions that coincide with a number of stylized facts from the empirical literature on markups, pass-through, and trade openness which previously could be illustrated only through numerical simulations.