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La dinámica de los márgenes en España. Una primera aproximación con datos agregados

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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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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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Keywords: markups; business cycle; imperfect competition.;

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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.
  2. 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.
  3. 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. Hillier, Grant H, 1990. "On the Normalization of Structural Equations: Properties of Direct Estimators," Econometrica, Econometric Society, vol. 58(5), pages 1181-94, September.
  5. Bils, Mark, 1989. "Pricing in a Customer Market," The Quarterly Journal of Economics, MIT Press, vol. 104(4), pages 699-718, November.
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Cited by:
  1. Ángel Estrada & David López-Salido, 2005. "Sectoral mark-up dynamics in Spain," Banco de Espa�a Working Papers 0503, Banco de Espa�a.

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