Closed and Open Economy Models of Business Cycles with Marked Up and Sticky Prices
提出竞争程度变化（影响加成率）是经济波动的来源，加成率呈逆周期，经济繁荣时效率更高；模型还分析了价格粘性和国外加成率变化的影响，并用四位数制造业数据验证了竞争较弱行业价格更逆周期的假说。
Shifts in the extent of competition, which affect markups, are possible sources of aggregate fluctuations. Markups are countercyclical; during booms the economy operates more efficiently. In our benchmark model, markups correspond to the prices of differentiated inputs relative to that of undifferentiated final product. If nominal prices of differentiated goods are relatively sticky, unexpected inflation reduces markups, mimicking the effects of increased competition. Similar effects stem from reductions in markups of foreign intermediates and unexpected inflation abroad. The models imply that prices of less competitive goods are more countercyclical. We find support for this hypothesis using data of four-digit manufacturing industries. Copyright 2006 Royal Economic Society.