The Cyclicality of Markups in a Model with Adjustment Costs: Econometric Evidence for US Industry
研究美国制造业中需求波动对市场势力的影响，通过调整成本模型从资本欧拉方程估计加成率，发现加成率与当前需求负相关，但与未来需求预期正相关。
In this paper we investigate the impact of demand fluctuations on market power in US manufacturing industries. We impose on a model with adjustment costs the minimum structure necessary to recover a measure of markups. Markups are allowed to vary with both the state and future evolution of demand and estimates of price‐cost margins are obtained from the Euler equation for capital. We conduct the empirical investigation for US two‐digit manufacturing industries using annual data covering the 1952–1985 period. We find that markups are inversely related to current demand. However, given the state of demand, they vary directly with expectations of future demand changes.