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Cyclicality and heterogeneity of pri...

Hong, Sung Ki.

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Cyclicality and heterogeneity of price markup.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Cyclicality and heterogeneity of price markup./
Author:	Hong, Sung Ki.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2017,
Description:	152 p.
Notes:	Source: Dissertation Abstracts International, Volume: 78-11(E), Section: A.
Contained By:	Dissertation Abstracts International78-11A(E).
Subject:	Economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10283710
ISBN:	9780355041309

Cyclicality and heterogeneity of price markup.
Hong, Sung Ki.

Cyclicality and heterogeneity of price markup. - Ann Arbor : ProQuest Dissertations & Theses, 2017 - 152 p.

Source: Dissertation Abstracts International, Volume: 78-11(E), Section: A.

Thesis (Ph.D.)--Princeton University, 2017.

This dissertation studies the importance of firm-level price markup dynamics for business cycle fluctuations. In chapter one, I use recent IO techniques to measure the behavior of markups over the business cycle at the firm level. I find that markups are countercyclical with an average elasticity of -0.9 with respect to real GDP, in line with the earlier industry-level evidence. Importantly, I find substantial heterogeneity in markup cyclicality across firms, with small firms having significantly more countercyclical markups than large firms.

ISBN: 9780355041309Subjects--Topical Terms:

517137
Economics.

Cyclicality and heterogeneity of price markup.
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100 1 $a Hong, Sung Ki. $3 3353929
245 1 0 $a Cyclicality and heterogeneity of price markup.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2017
300 $a 152 p.
500 $a Source: Dissertation Abstracts International, Volume: 78-11(E), Section: A.
500 $a Adviser: Oleg Itskhoki.
502 $a Thesis (Ph.D.)--Princeton University, 2017.
520 $a This dissertation studies the importance of firm-level price markup dynamics for business cycle fluctuations. In chapter one, I use recent IO techniques to measure the behavior of markups over the business cycle at the firm level. I find that markups are countercyclical with an average elasticity of -0.9 with respect to real GDP, in line with the earlier industry-level evidence. Importantly, I find substantial heterogeneity in markup cyclicality across firms, with small firms having significantly more countercyclical markups than large firms.
520 $a In chapter two, I examine if two prominent models in the literature are consistent with the empirical findings. First, I explore the Atkeson and Burstein (2008) model of oligopolistic competition. Coupled with an exogenous second-moment shock to firm productivities, this model results in a countercyclical average markup, but predicts that smaller firms reduce their markups in recessions. Second, I calibrate both Calvo and menu cost models of price stickiness to match the empirical heterogeneity in price durations as in Goldberg and Hellerstein (2011). I find that both models can match the average counter-cyclicality of markups in response to monetary shocks. Quantitatively, however, only the menu cost model, through its selection effect, can match the extent of the empirical heterogeneity in markup cyclicality. In addition, both sticky price models imply pro-cyclical markup behavior in response to productivity shocks.
520 $a In chapter three, I develop a new general equilibrium model that embeds customer capital into a standard firm dynamics model with entry and exit. A key feature of the model is that a firm's decision about markups becomes dynamic -- firms accumulate customer capital in the periods of fast growth by charging low markups, and choose to exploit it by charging high markups in the downturns. In particular, during recessions, the endogenous higher exit probability for smaller firms implies that they place lower weight on future profits, leading them to charge higher markups. This mechanism serves to endogenously increase the dispersion of firm sales and employment in recessions. Also, the resulting input misallocation amplifies both the volatility and persistence of the exogenous productivity shocks driving the business cycle.
590 $a School code: 0181.
650 4 $a Economics. $3 517137
650 4 $a Commerce-Business. $3 3168423
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710 2 $a Princeton University. $b Economics. $3 2093738
773 0 $t Dissertation Abstracts International $g 78-11A(E).
790 $a 0181
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792 $a 2017
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10283710