The Hitchhiker's Guide to Markup Estimation: Assessing Estimates From Financial Data
研究了如何利用企业财务数据（而非价格数据）来估算加价率的趋势和分布，提出了一致性估计量，并通过模拟和实际数据验证了方法的有效性。
Macroeconomic outcomes depend on the distribution of markups across firms and over time, making firm‐level markup estimates key for macroeconomic analysis. Methods to obtain these estimates require data on the prices that firms charge. Firm‐level data with wide coverage, however, primarily come from financial statements, which lack information on prices. We use an analytical framework to show that trends in markups over time or the dispersion of markups across firms can still be well‐measured with such data. Measuring the average level of the markup does require pricing data, and we propose a consistent estimator for such settings. We validate the analytical results using simulations of a quantitative macroeconomic model and offer supporting evidence from firm‐level administrative production and pricing data. Our analysis supports the use of financial data to measure trends in aggregate markups.