Endogenous Firm Competition and the Cyclicality of Markups
研究了产出增长的周期性如何预测加成率的周期性，利用美国和调查数据检验模型机制，并校准一般均衡模型分析其对加成率周期性的影响。
Abstract We show that the cyclicality of output growth is a sufficient predictor for the cyclicality of markups in models that micro-found variable markups through dynamic trade-offs. We use data on markups from the U.S. as well as survey data on firms’ expectations from New Zealand to test the predictions of these models and find evidence in favor of their mechanisms. Finally, we study the implications of these mechanisms for cyclicality of markups in a calibrated general equilibrium model. In particular, we find that the degree of hump-shaped response in output is crucial for the direction of aggregate markup cyclicality.