Bottom-up Markup Fluctuations /

We study markup cyclicality in a granular macroeconomic model with oligopolistic competition. We characterize the comovement of firm, sectoral, and economy-wide markups with sectoral and aggregate output following firm-level shocks. We then quantify the model's ability to reproduce salient feat...

Ausführliche Beschreibung

1. Verfasser:

Burstein, Ariel

Körperschaft:

National Bureau of Economic Research

Weitere Verfasser:

Carvalho, Vasco M., Grassi, Basile

Format:

Elektronisch E-Book

Sprache:

Englisch

Veröffentlicht:

Cambridge, Mass. National Bureau of Economic Research 2020.

Zusammenfassung:

We study markup cyclicality in a granular macroeconomic model with oligopolistic competition. We characterize the comovement of firm, sectoral, and economy-wide markups with sectoral and aggregate output following firm-level shocks. We then quantify the model's ability to reproduce salient features of the cyclical properties of markups in French administrative firm-level data, from the bottom (firm) level to the aggregate level. Our model helps rationalize various, seemingly conflicting, measures of markup cyclicality in the French data.

Umfang:

1 online resource: illustrations (black and white);

Anmerkungen:

October 2020.

Schlagworte:

General