메뉴 건너뛰기




Volumn 86, Issue 4, 1996, Pages 703-725

Capital-Market Imperfections and Countercyclical Markups: Theory and Evidence

Author keywords

[No Author keywords available]

Indexed keywords

CAPITAL MARKET; COUNTERCYCLICAL MARKUPS; MARKET IMPERFECTION; PRICE MARKUP; THEORETICAL STUDY;

EID: 0030318587     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article
Times cited : (314)

References (45)
  • 2
    • 84977364496 scopus 로고
    • Agency Costs, Net Worth, and Business Fluctuations
    • March
    • Bernanke, Ben and Gertler, Mark. "Agency Costs, Net Worth, and Business Fluctuations." American Economic Review, March 1989, 79(1), pp. 14-31.
    • (1989) American Economic Review , vol.79 , Issue.1 , pp. 14-31
    • Bernanke, B.1    Gertler, M.2
  • 4
    • 0000107648 scopus 로고
    • The Cyclical Behavior of Marginal Cost and Price
    • December
    • Bils, Mark. The Cyclical Behavior of Marginal Cost and Price." American Economic Review, December 1987, 77(5), pp. 838-55.
    • (1987) American Economic Review , vol.77 , Issue.5 , pp. 838-855
    • Bils, M.1
  • 5
    • 0039353667 scopus 로고
    • Pricing in a Customer Market
    • November
    • _. "Pricing in a Customer Market." Quarterly Journal of Economics, November 1989, 104(4), pp. 699-718.
    • (1989) Quarterly Journal of Economics , vol.104 , Issue.4 , pp. 699-718
  • 7
    • 0002689871 scopus 로고
    • A Theory of Predation Based on Agency Problems in Financial Contracting
    • March
    • Bolton, Patrick and Scharfstein, David. "A Theory of Predation Based on Agency Problems in Financial Contracting." American Economic Review, March 1990, 80(1), pp. 93-106.
    • (1990) American Economic Review , vol.80 , Issue.1 , pp. 93-106
    • Bolton, P.1    Scharfstein, D.2
  • 8
    • 0008155671 scopus 로고    scopus 로고
    • Optimal Debt Structure and the Number of Creditors
    • February
    • _. "Optimal Debt Structure and the Number of Creditors." Journal of Political Economy, February 1996, 104(1), pp. 1-25.
    • (1996) Journal of Political Economy , vol.104 , Issue.1 , pp. 1-25
  • 10
    • 0039569423 scopus 로고
    • Empirical Studies of Industries with Market Power
    • R. Schmalensee and R. Willig, eds., New York: North-Holland
    • Bresnahan, Timothy. "Empirical Studies of Industries with Market Power," in R. Schmalensee and R. Willig, eds., Handbook of industrial organization, Vol. 2. New York: North-Holland, 1989, pp. 1011-57.
    • (1989) Handbook of Industrial Organization , vol.2 , pp. 1011-1057
    • Bresnahan, T.1
  • 11
    • 84897079438 scopus 로고
    • The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics
    • April
    • Breusch, T. S. and Pagan, A. R. "The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics." Review of Economic Studies, April 1980, 47(2), 239-53.
    • (1980) Review of Economic Studies , vol.47 , Issue.2 , pp. 239-253
    • Breusch, T.S.1    Pagan, A.R.2
  • 12
    • 84936526568 scopus 로고
    • Multimarket Oligopoly: Strategic Substitutes and Complements
    • June
    • Bulow, Jeremy I.; Geanakoplos, John D. and Klemperer, Paul D. "Multimarket Oligopoly: Strategic Substitutes and Complements." Journal of Political Economy, June 1985, 93(3), pp. 488-511.
    • (1985) Journal of Political Economy , vol.93 , Issue.3 , pp. 488-511
    • Bulow, J.I.1    Geanakoplos, J.D.2    Klemperer, P.D.3
  • 13
    • 0029540769 scopus 로고
    • Capital Structure and Product-Market Competition: Empirical Evidence from the Supermarket Industry
    • June
    • Chevalier, Judith. "Capital Structure and Product-Market Competition: Empirical Evidence from the Supermarket Industry." American Economic Review, June 1995a, 85(3), pp. 415-35.
    • (1995) American Economic Review , vol.85 , Issue.3 , pp. 415-435
    • Chevalier, J.1
  • 14
    • 84993865621 scopus 로고
    • Do LBO Supermarkets Charge More: An Empirical Analysis of the Effects of LBOs on Supermarket Pricing
    • September
    • _. "Do LBO Supermarkets Charge More: An Empirical Analysis of the Effects of LBOs on Supermarket Pricing." Journal of Finance, September 1995b, 50(4), pp. 1095-112.
    • (1995) Journal of Finance , vol.50 , Issue.4 , pp. 1095-1112
  • 15
    • 0009943197 scopus 로고
    • Capital-Market Imperfections and Countercyclical Markups: Theory and Evidence
    • May (Papers and Proceedings)
    • Chevalier, Judith and Scharfstein, David. "Capital-Market Imperfections and Countercyclical Markups: Theory and Evidence." American Economic Review, May 1995 (Papers and Proceedings), 85(2), pp. 390-96.
    • (1995) American Economic Review , vol.85 , Issue.2 , pp. 390-396
    • Chevalier, J.1    Scharfstein, D.2
  • 16
    • 0011269850 scopus 로고
    • The Influence of Consumer Price Information on Retail Pricing and Consumer Behavior
    • May
    • Devine, D. Grant and Marion, Bruce W. "The Influence of Consumer Price Information on Retail Pricing and Consumer Behavior." American Journal of Agricultural Economics, May 1979, 67(2), pp. 228-37.
    • (1979) American Journal of Agricultural Economics , vol.67 , Issue.2 , pp. 228-237
    • Devine, D.G.1    Marion, B.W.2
  • 17
    • 0002097120 scopus 로고
    • Business Cycles and the Relationship between Concentration and Price-Cost Margins
    • Spring
    • Domowitz, Ian; Hubbard, R. Glenn and Petersen, Bruce. "Business Cycles and the Relationship Between Concentration and Price-Cost Margins." Rand Journal of Economics, Spring 1986, 17(1), pp. 1-17.
    • (1986) Rand Journal of Economics , vol.17 , Issue.1 , pp. 1-17
    • Domowitz, I.1    Hubbard, R.G.2    Petersen, B.3
  • 18
    • 0003171533 scopus 로고
    • Dynamic Competition with Switching Costs
    • Spring
    • Farrell, Joseph and Shapiro, Carl. "Dynamic Competition with Switching Costs." Rand Journal of Economics, Spring 1988, 19(1), pp. 123-37.
    • (1988) Rand Journal of Economics , vol.19 , Issue.1 , pp. 123-137
    • Farrell, J.1    Shapiro, C.2
  • 20
    • 0000072970 scopus 로고
    • A 'SignalJamming' Theory of Predation
    • Autumn
    • Fudenberg, Drew and Tirole, Jean. "A 'SignalJamming' Theory of Predation." Rand Journal of Economics, Autumn 1986, 77(3), pp. 366-76.
    • (1986) Rand Journal of Economics , vol.77 , Issue.3 , pp. 366-376
    • Fudenberg, D.1    Tirole, J.2
  • 21
    • 0000269283 scopus 로고
    • Customer Markets, Credit Market Imperfections, and Real Price Rigidity
    • August
    • Gottfries, Nils. "Customer Markets, Credit Market Imperfections, and Real Price Rigidity." Economica, August 1991, 58(3), pp. 317-23.
    • (1991) Economica , vol.58 , Issue.3 , pp. 317-323
    • Gottfries, N.1
  • 22
    • 0000085850 scopus 로고
    • Informational Imperfections in the Capital Market and Macroeconomic Fluctuations
    • May (Papers and Proceedings)
    • Greenwald, Bruce; Stiglitz, Joseph and Weiss, Andrew. "Informational Imperfections in the Capital Market and Macroeconomic Fluctuations." American Economic Review, May 1984 (Papers and Proceedings), 74(2), pp. 194-99.
    • (1984) American Economic Review , vol.74 , Issue.2 , pp. 194-199
    • Greenwald, B.1    Stiglitz, J.2    Weiss, A.3
  • 25
    • 0002308919 scopus 로고
    • Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups
    • February
    • Hoshi, Takeo; Kashyap, Anil and Scharfstein, David. "Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups." Quarterly Journal of Economics, February 1991, 106(1), pp. 33-60.
    • (1991) Quarterly Journal of Economics , vol.106 , Issue.1 , pp. 33-60
    • Hoshi, T.1    Kashyap, A.2    Scharfstein, D.3
  • 26
    • 0001066475 scopus 로고
    • Agency Costs of Free-Cash Flow, Corporate Finance, and Takeovers
    • May (Papers and Proceedings)
    • Jensen, Michael. "Agency Costs of Free-Cash Flow, Corporate Finance, and Takeovers." American Economic Review, May 1986 (Papers and Proceedings), 76(2), pp. 323-29.
    • (1986) American Economic Review , vol.76 , Issue.2 , pp. 323-329
    • Jensen, M.1
  • 27
    • 0002085439 scopus 로고
    • Relative Movements of Real Wages and Output
    • Keynes, John Maynard. "Relative Movements of Real Wages and Output." Economic Journal, 1939, 44(193), pp. 34-51.
    • (1939) Economic Journal , vol.44 , Issue.193 , pp. 34-51
    • Keynes, J.M.1
  • 28
    • 0001771779 scopus 로고
    • Markets with Consumer Switching Costs
    • May
    • Klemperer, Paul. "Markets with Consumer Switching Costs." Quarterly Journal of Economics, May 1987, 102(2), pp. 375-94.
    • (1987) Quarterly Journal of Economics , vol.102 , Issue.2 , pp. 375-394
    • Klemperer, P.1
  • 29
    • 20444464754 scopus 로고
    • Competition When Consumers Have Switching Costs: An Overview with Applications to Industrial Organization, Macroeconomics, and International Trade
    • October
    • _. "Competition When Consumers Have Switching Costs: An Overview with Applications to Industrial Organization, Macroeconomics, and International Trade." Review of Economic Studies, October 1995, 62(4), pp. 515-39.
    • (1995) Review of Economic Studies , vol.62 , Issue.4 , pp. 515-539
  • 31
    • 0001441322 scopus 로고
    • Random Group Effects and the Precision of Regression Estimates
    • August
    • Moulton, Brent R. "Random Group Effects and the Precision of Regression Estimates." Journal of Econometrics, August 1986, 32(3), pp. 385-94.
    • (1986) Journal of Econometrics , vol.32 , Issue.3 , pp. 385-394
    • Moulton, B.R.1
  • 32
    • 0001404417 scopus 로고
    • Building Blocks of Market Clearing Business Cycle Models
    • Murphy, Kevin; Shleifer, Andrei and Vishny, Robert. "Building Blocks of Market Clearing Business Cycle Models." Macroeconomics Annual, 1989, 4, pp. 247-87.
    • (1989) Macroeconomics Annual , vol.4 , pp. 247-287
    • Murphy, K.1    Shleifer, A.2    Vishny, R.3
  • 33
    • 48549110620 scopus 로고
    • Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have
    • June
    • Myers, Stewart and Majluf, Nicholas. "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have." Journal of Financial Economics, June 1984, 13(2), pp. 187-221.
    • (1984) Journal of Financial Economics , vol.13 , Issue.2 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 35
    • 0002813631 scopus 로고
    • Optimal Price Policy under Atomistic Competition
    • E. Phelps, ed., New York: W. W. Norton
    • Phelps, Edmund and Winter, Sidney. "Optimal Price Policy under Atomistic Competition," in E. Phelps, ed., Microeconomic foundations of employment and inflation theory. New York: W. W. Norton, 1970, pp. 309-37.
    • (1970) Microeconomic Foundations of Employment and Inflation Theory , pp. 309-337
    • Phelps, E.1    Winter, S.2
  • 38
    • 1542575482 scopus 로고
    • White Plains, NY: Maclean Hunter Media
    • Progressive Grocer's. Market Scope. White Plains, NY: Maclean Hunter Media, 1986.
    • (1986) Market Scope
  • 39
    • 1542470862 scopus 로고
    • Clearwater, FL: National Mall Monitor
    • Retail tenants directory. Clearwater, FL: National Mall Monitor, 1988.
    • (1988) Retail Tenants Directory
  • 40
    • 0001668064 scopus 로고
    • A Supergame Theoretic Model of Business Cycles and Price Wars during Booms
    • June
    • Rotemberg, Julio and Saloner, Garth. "A Supergame Theoretic Model of Business Cycles and Price Wars During Booms." American Economic Review, June 1986, 76(3), pp. 390-407.
    • (1986) American Economic Review , vol.76 , Issue.3 , pp. 390-407
    • Rotemberg, J.1    Saloner, G.2
  • 41
    • 0002400052 scopus 로고
    • Markups and the Business Cycle
    • Rotemberg, Julio and Woodford, Michael. "Markups and the Business Cycle." Macroeconomics Annual, 1991, 6, pp. 63-129.
    • (1991) Macroeconomics Annual , vol.6 , pp. 63-129
    • Rotemberg, J.1    Woodford, M.2
  • 42
    • 84934563476 scopus 로고
    • Oligopolistic Pricing and the Effects of Aggregated Demand on Economic Activity
    • December
    • _. "Oligopolistic Pricing and the Effects of Aggregated Demand on Economic Activity." Journal of Political Economy, December 1992, 700(6), pp. 1153-207.
    • (1992) Journal of Political Economy , vol.700 , Issue.6 , pp. 1153-1207
  • 43
    • 33847514463 scopus 로고
    • Measuring the Cyclically of Real Wages: How Important Is Composition Bias
    • February
    • Solon, Gary; Barsky, Robert and Parker, Jonathan. "Measuring the Cyclically of Real Wages: How Important Is Composition Bias." Quarterly Journal of Economics, February 1994, 709(1), pp. 1-25.
    • (1994) Quarterly Journal of Economics , vol.709 , Issue.1 , pp. 1-25
    • Solon, G.1    Barsky, R.2    Parker, J.3
  • 44
    • 0001538309 scopus 로고
    • Price Rigidities and Market Structure
    • May (Papers and Proceedings)
    • Stiglitz, Joseph. "Price Rigidities and Market Structure." American Economic Review, May 1984 (Papers and Proceedings), 74(2), pp. 350-55.
    • (1984) American Economic Review , vol.74 , Issue.2 , pp. 350-355
    • Stiglitz, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.