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Markups in U.S. and Japanese Manufacturing: A Short-Run Econometric Analysis

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Author Info
Morrison, Catherine J

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Abstract

In this study a production theory model of firms' markup behavior is constructed based on variants of generalized Leontief cost and expenditure functions with adjustment costs and scale economies. Results from empirical implementation of this model for U.S. and Japanese manufacturing from 1960 through 1981 suggest that markups for both countries have increased over time, but their cyclicality varies due primarily to differential investment behavior. In addition, capacity utilization and especially scale economies tend to counteract the short run profit potential from markup behavior, so that markups measured ignoring these impacts may be biased downward. Finally, both supply and demand shocks appear to have a significant systematic impact on markups.

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Publisher Info
Article provided by American Statistical Association in its journal Journal of Business and Economic Statistics.

Volume (Year): 10 (1992)
Issue (Month): 1 (January)
Pages: 51-63
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Handle: RePEc:bes:jnlbes:v:10:y:1992:i:1:p:51-63

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  1. Michael Olive, 2002. "Is Average Variable Cost a Good Proxy for Short-Run Marginal Cost and Why is it Important?," Research Papers 0208, Macquarie University, Department of Economics. [Downloadable!]
  2. Richard de Abreu Lourenco & Philip Lowe, 1994. "Demand Shocks, Inflation and the Business Cycle," RBA Research Discussion Papers rdp9411, Reserve Bank of Australia. [Downloadable!]
  3. Moreno, Rosina & Lopez-Bazo, Enrique & Artis, Manuel, 2002. "Evaluating the optimality of Spanish industry (1980-1993)," ERSA conference papers ersa02p353, European Regional Science Association. [Downloadable!]
  4. Daniele Coen-Pirani, 2004. "Markups, Aggregation, and Inventory Adjustment," American Economic Review, American Economic Association, vol. 94(5), pages 1328-1353, December. [Downloadable!]
  5. Jaramillo, F. & Schiantarelli, F. & Sembenelli, A., 1992. "Are Adjustment Costs for Labor Asymetric? An Econometric Test On Panel Data for Italy," Working Papers 92-13, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
    Other versions:
  6. Lourdes Moreno Martín & Diego Rodríguez Rodríguez, . "Domestic and Foreign Price-Marginal Cost Margins: An Application to Spain Manufacturing Firms," Working Papers on International Economics and Finance 00-03, FEDEA. [Downloadable!]
  7. Matteo Manera, 2005. "Modeling Factor Demands with SEM and VAR: An Empirical Comparison," Working Papers 2005.47, Fondazione Eni Enrico Mattei. [Downloadable!]
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  8. Rumen Dobrinsky & Gabor Korosi & Nikolay Markov & Laszlo Halpern, 2004. "Firms’ Price Markups and Returns to Scale in Imperfect Markets - Bulgaria and Hungary," IEHAS Discussion Papers 0412, Institute of Economics, Hungarian Academy of Sciences. [Downloadable!]
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  9. Sumru Altug & Fanny S. Demers & Michel Demers, 2004. " Tax Policy and Irreversible Investment," CDMA Working Paper Series 0404, Centre for Dynamic Macroeconomic Analysis. [Downloadable!]
  10. Catherine J. Morrison, 1989. "Unraveling the Productivity Growth Slowdown in the U.S., Canada and Japan: The Effects of Subequilibrium, Scale Economies and Markup," NBER Working Papers 2993, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Susanto Basu & John Fernald, 2000. "Why Is Productivity Procyclical? Why Do We Care?," NBER Working Papers 7940, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Charlotta Groth, . "Estimating UK capital adjustment costs," Bank of England working papers 258, Bank of England. [Downloadable!]
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