Capital Market Imperfections and Countercyclical Markups: Theory and Evidence
提出一个基于资本市场不完善的反周期加成模型：衰退时流动性受限企业通过提价削减市场份额投资以增加短期利润，并用超市行业数据验证了该理论。
During recessions, output prices seem to rise relative to wages and raw-material prices. One explanation is that imperfectly competitive firms compete less aggressively during recessions. That is, markups of price over marginal cost are countercyclical. The authors present a model of countercyclical markups based on capital-market imperfections. During recessions, liquidity-constrained firms boost short-run profits by raising prices to cut their investments in market share. The authors provide evidence from the supermarket industry in support of this theory. During regional and macroeconomic recessions, more financially constrained supermarket chains raise their prices relative to less financially constrained chains. Copyright 1996 by American Economic Association.