Liquidity Constraints, Competition, and Markup Cyclicality
基于多国长期行业数据，研究发现短期金融约束（流动性约束）和竞争程度越高，加成率在经济繁荣时上升越明显，且两者相互增强。
This article provides evidence on the relation among financial constraints, competition, and the cyclicality of markups. Based on a long series of industry data from a large number of countries, we find that markups increase in conjunction with the business cycle in environments with higher short‐term financial constraints (liquidity constraints) and more competition. The evidence also suggests that these two elements complement each other: the procyclicality of markups in firms facing both high competition and high liquidity constraints is higher than that explained by each determinant independently.