Capital quasi-fixity and the estimation of markups
The treatment of capital costs, as either fixed or variable is a key for estimating markups. Data leans clearly towards fixity, which explains the high markups emphasized in previous studies based on Roeger's methodology. Direct estimation from the ratio of output over variable costs is preferable.
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NBER Working Papers
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Scales Research Reports
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- Robert E. Hall, 1986. "Market Structure and Macroeconomic Fluctuations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(2), pages 285-338.
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