The Variation of Markups Over the Business Cycle

本项目研究的模型中， 价格高于边际成本是一个核心组成部分 解释商业周期。 理论的严谨性和 企业不完全竞争模型的实证有效性 周期将被确定。 这项研究将提供有价值的 对宏观经济活动与 微观产业结构。 更具体地说，标记变化的时间序列将是 为整个私营部门和4- 数字制造业。 提出了各种程序 来检验理论模型的可行性。 为 例如，如果标记变化是由于不完美的 竞争可以解释商业周期，这种加价变化应该 在相对集中的行业更加突出。 在 此外，不同的标记变化模型具有不同的 目前的销售水平和预期的 未来的利润水平影响加价。 总额和 分类数据包含有关这些 变量影响标记。 总需求在多大程度上 通过决定 模型（当前销售额和未来销售额的现值 盈利能力也将得到确认。 最后，输出 这些变量的变化通过变化引起的波动 将被测量。

This project studies models where variations in the markup of price over marginal cost is a central component of the explanation of business cycles. The theoretical rigor and the empirical validity of imperfect competition models of business cycles will be determined. This research should provide valuable insights into the relationship between macroeconomic activity and microeconomic industry structure. More specifically, time series for markup variation will be constructed for both the private sector as a whole and for 4- digit manufacturing industries. Various procedures are proposed to check the plausibility of the theoretical models. For instance, if markup variations as a result of imperfect competition explain business cycles, such markup variation should be more pronounced in relatively concentrated sectors. In addition, different models of markup variation have different implications for how the current level of sales and the expected future level of profits affect markups. Both aggregate and disaggregated data contain information about the way these variables affect markups. The extent to which aggregate demand influences output through the variables that determine markups in the models (current sales and the present value of future profitability) will also be ascertained. Finally, the output volatility that changes in these variables induce through changes in the markup will be measured.