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Abstract

Under imperfect competition in the goods and services markets, price and marginal costs may have different dynamic behaviours. In particular, the dynamic behaviour of markups will depend on current and expected values of future demand. This paper obtains a new series of aggregate (and average) markups corresponding to the industrial and services sectors through the behaviour implied by the value added, the input factors and their prices over the period 1977-1995. We conclude that these markups will depend on the ratio of future demand relative to current demand. These results are robust to alternative econometric exercises. (Copyright: Fundación Empresa Pública)

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File URL: ftp://ftp.fundacionsepi.es/InvEcon/paperArchive/Ene2002/v26i1a3.pdf
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Bibliographic Info

Article provided by Fundación SEPI in its journal Investigaciones Economicas.

Volume (Year): 26 (2002)
Issue (Month): 1 (January)
Pages: 59-85

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Handle: RePEc:iec:inveco:v:26:y:2002:i:1:p:59-85

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Related research

Keywords: markups; business cycle; imperfect competition.;

Find related papers by JEL classification:

• E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
• D4 - Microeconomics - - Market Structure and Pricing

References

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1. Alonso-Borrego, Cesar & Arellano, Manuel, 1999. "Symmetrically Normalized Instrumental-Variable Estimation Using Panel Data," Journal of Business & Economic Statistics, American Statistical Association, vol. 17(1), pages 36-49, January.
   
   • Alonso-Borrego, César & Arellano, Manuel, 1999. "Symmetrically normalized instrumental-variable estimation using panel data," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/4655, Universidad Carlos III de Madrid.
2. Hillier, Grant H, 1990. "On the Normalization of Structural Equations: Properties of Direct Estimators," Econometrica, Econometric Society, vol. 58(5), pages 1181-94, September.
3. Robert E. Hall, 1988. "The Relation Between Price and Marginal Cost in U.S. Industry," NBER Working Papers 1785, National Bureau of Economic Research, Inc.
   
   • Hall, Robert E, 1988. "The Relation between Price and Marginal Cost in U.S. Industry," Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 921-47, October.
4. Bils, Mark, 1989. "Pricing in a Customer Market," The Quarterly Journal of Economics, MIT Press, vol. 104(4), pages 699-718, November.
5. Dixit, Avinash K & Stiglitz, Joseph E, 1975. "Monopolistic Competition and Optimum Product Diversity," The Warwick Economics Research Paper Series (TWERPS) 64, University of Warwick, Department of Economics.
   
   • Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.

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Cited by:

1. Ángel Estrada & David López-Salido, 2005. "Sectoral mark-up dynamics in Spain," Banco de España Working Papers 0503, Banco de España.

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