The Cyclical Behavior of the Price‐Cost Markup
The Cyclical Behavior of the Price‐Cost Markup
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价格的周期性行为——成本加成
DOI：
10.1111/jmcb.12755
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发表时间：
2020
期刊：
影响因子：
--
通讯作者：
RAMEY, VALERIE A.
中科院分区：
文献类型：
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作者：
NEKARDA, CHRISTOPHER J.;RAMEY, VALERIE A.
在新凯恩斯主义模型中，价格相对于边际成本的逆周期上涨是需求冲击的一个关键传导机制。本文通过研究私营经济中价格成本上涨的周期性，重新审视这些模型的基础。我们发现，如何衡量加价的问题，其无条件的周期性。基于劳动力份额倒数的加价措施是适度顺周期的，但对于生产函数的某些概括来说是适度反周期的。NK模型预测，涨价的周期性应根据冲击的性质而变化。与NK模型一致，我们发现，加价是顺周期条件下的全要素生产率冲击和反周期条件下的投资特定的技术冲击。相反，我们发现，加价增加，以响应一个积极的需求冲击。因此，粘性价格NK模型中需求冲击效应的传导机制与数据并不一致。
A countercyclical markup of price over marginal cost is a key transmission mechanism for demand shocks in New Keynesian (NK) models. This paper reexamines the foundation of those models by studying the cyclicality of the price‐cost markup in the private economy. We find that how the markup is measured matters for its unconditional cyclicality. Measures of the markup based on the inverse of the labor share are moderately procyclical, but are moderately countercyclical for some generalizations of the production function. NK models predict that the cyclicality of the markup should vary depending on the nature of the shock. Consistent with the NK model, we find that the markup is procyclical conditional on total factor productivity shocks and countercyclical conditional on investment‐specific technology shocks. In contrast, we find that the markup increases in response to a positive demand shock. Thus, the transmission mechanism for the effects of demand shocks in sticky‐price NK models is not consistent with the data.