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Manufacturing price determination in OECD countries; markups, demand and uncertainty in a dynamic heterogeneous panel

  • Price, Simon

    (Bank of England)

  • Dimitrios Asteriou
  • Peter Lukacs
  • Nigel Pain

Manufacturing price markup equations are estimated for 15 OECD countries using annual data. Firms have CES production technology. The markup depends on demand, competitors' prices and uncertainty. Cointegration is tested with the Pedroni tests and a panel version of the Johansen test, and evidence found for unique cointegrating vectors. Estimation of the long-run parameters is performed with a pooled mean group method, with short run heterogeneous dynamics. Tests for homogeneity of the long-run parameters do not reject the hypothesis. Markups are pro-cyclical and rise with both competitors' prices and uncertainty.

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Paper provided by Royal Economic Society in its series Royal Economic Society Annual Conference 2003 with number 168.

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Date of creation: 04 Jun 2003
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Handle: RePEc:ecj:ac2003:168
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