MARKUPS AND THE REAL EFFECTS OF VOLATILITY SHOCKS
研究了内生加成率在波动冲击传导中的作用，通过小型开放经济模型发现，若加成率随时间内生变化，波动冲击的影响会被显著放大，导致储蓄增加、实际工资和劳动供给下降。
This article studies the role of endogenous markups in the transmission of volatility shocks in real models. I design a variant of a small open economy model with volatility shocks and firm dynamics that gives rise to endogenous markups. I calibrate this model to match the business cycle facts in emerging economies and show that the impact of volatility shocks is substantially amplified if markups are endogenously time varying. Volatility shocks increase savings, due to precautionary motives, and markups, which act as a wedge that endogenously decreases real wages and labor supply with further negative aggregate dynamics that are absent in the models with constant markups.