메뉴 건너뛰기




Volumn 154, Issue , 2014, Pages 126-161

Markup cycles, dynamic misallocation, and amplification

Author keywords

Allocative efficiency; DSGE models; Dynamic games; Markup cycles; Oligopolistic competition

Indexed keywords


EID: 84922963894     PISSN: 00220531     EISSN: 10957235     Source Type: Journal    
DOI: 10.1016/j.jet.2014.09.001     Document Type: Article
Times cited : (33)

References (50)
  • 1
    • 0000098270 scopus 로고
    • On the theory of infinitely repeated games with discounting
    • Abreu D. On the theory of infinitely repeated games with discounting. Econometrica 1988, 56:383-396.
    • (1988) Econometrica , vol.56 , pp. 383-396
    • Abreu, D.1
  • 4
    • 0031506231 scopus 로고    scopus 로고
    • Collusion over the business cycle
    • Bagwell K., Staiger R. Collusion over the business cycle. RAND J. Econ. 1997, 28:82-106.
    • (1997) RAND J. Econ. , vol.28 , pp. 82-106
    • Bagwell, K.1    Staiger, R.2
  • 5
    • 53349153732 scopus 로고
    • The objective demand curve in general equilibrium with price makers
    • Benassy J.-P. The objective demand curve in general equilibrium with price makers. Econ. J. 1988, 98:37-49.
    • (1988) Econ. J. , vol.98 , pp. 37-49
    • Benassy, J.-P.1
  • 7
    • 84862558107 scopus 로고    scopus 로고
    • Endogenous entry, product variety, and business cycles
    • Bilbiie F.O., Ghironi F., Melitz M.J. Endogenous entry, product variety, and business cycles. J. Polit. Economy 2012, 120:304-345.
    • (2012) J. Polit. Economy , vol.120 , pp. 304-345
    • Bilbiie, F.O.1    Ghironi, F.2    Melitz, M.J.3
  • 9
    • 48749143178 scopus 로고
    • Staggered prices in a utility-maximizing framework
    • Calvo G.A. Staggered prices in a utility-maximizing framework. J. Monet. Econ. 1983, 12:383-398.
    • (1983) J. Monet. Econ. , vol.12 , pp. 383-398
    • Calvo, G.A.1
  • 10
    • 0141970697 scopus 로고    scopus 로고
    • Consumption-based asset pricing
    • Elsevier, G.M. Constantinides, M. Harris, R.M. Stulz (Eds.)
    • Campbell J.Y. Consumption-based asset pricing. Handbook of the Economics of Finance 2003, 805-887. Elsevier. G.M. Constantinides, M. Harris, R.M. Stulz (Eds.).
    • (2003) Handbook of the Economics of Finance , pp. 805-887
    • Campbell, J.Y.1
  • 11
    • 0009943197 scopus 로고
    • Liquidity constraints and the cyclical behavior of markups
    • Chevalier J.A., Scharfstein D.S. Liquidity constraints and the cyclical behavior of markups. Amer. Econ. Rev. 1995, 85:390-396.
    • (1995) Amer. Econ. Rev. , vol.85 , pp. 390-396
    • Chevalier, J.A.1    Scharfstein, D.S.2
  • 12
    • 0030318587 scopus 로고    scopus 로고
    • Capital-market imperfections and countercyclical markups: theory and evidence
    • Chevalier J.A., Scharfstein D.S. Capital-market imperfections and countercyclical markups: theory and evidence. Amer. Econ. Rev. 1996, 86:703-725.
    • (1996) Amer. Econ. Rev. , vol.86 , pp. 703-725
    • Chevalier, J.A.1    Scharfstein, D.S.2
  • 13
    • 15844392342 scopus 로고    scopus 로고
    • Nominal rigidities and the dynamic effects of a shock to monetary policy
    • Christiano L.J., Eichenbaum M., Evans C.L. Nominal rigidities and the dynamic effects of a shock to monetary policy. J. Polit. Economy 2005, 113:1-45.
    • (2005) J. Polit. Economy , vol.113 , pp. 1-45
    • Christiano, L.J.1    Eichenbaum, M.2    Evans, C.L.3
  • 14
    • 38349032768 scopus 로고    scopus 로고
    • Tacit collusion under interest rate fluctuations
    • dal Bo P. Tacit collusion under interest rate fluctuations. RAND J. Econ. 2007, 38:533-540.
    • (2007) RAND J. Econ. , vol.38 , pp. 533-540
    • dal Bo, P.1
  • 15
    • 79955481827 scopus 로고    scopus 로고
    • Recovering markups from production data
    • De Loecker J. Recovering markups from production data. Int. J. Ind. Organ. 2011, 29:350-355.
    • (2011) Int. J. Ind. Organ. , vol.29 , pp. 350-355
    • De Loecker, J.1
  • 17
    • 0000448037 scopus 로고
    • Monopolistic competition and optimum product diversity
    • Dixit A.K., Stiglitz J.E. Monopolistic competition and optimum product diversity. Amer. Econ. Rev. 1977, 67:297-308.
    • (1977) Amer. Econ. Rev. , vol.67 , pp. 297-308
    • Dixit, A.K.1    Stiglitz, J.E.2
  • 20
    • 78650817221 scopus 로고    scopus 로고
    • Trade, markup heterogeneity and misallocations
    • Epifani P., Gancia G. Trade, markup heterogeneity and misallocations. J. Int. Econ. 2011, 83:1-13.
    • (2011) J. Int. Econ. , vol.83 , pp. 1-13
    • Epifani, P.1    Gancia, G.2
  • 22
    • 79953688302 scopus 로고    scopus 로고
    • The granular origins of aggregate fluctuations
    • Gabaix X. The granular origins of aggregate fluctuations. Econometrica 2011, 79:733-772.
    • (2011) Econometrica , vol.79 , pp. 733-772
    • Gabaix, X.1
  • 23
    • 0000292265 scopus 로고
    • Oligopoly 'a la Cournot' in general equilibrium analysis
    • Gabszewicz J.J., Vial J.P. Oligopoly 'a la Cournot' in general equilibrium analysis. J. Econ. Theory 1972, 4:381-400.
    • (1972) J. Econ. Theory , vol.4 , pp. 381-400
    • Gabszewicz, J.J.1    Vial, J.P.2
  • 24
    • 20044388717 scopus 로고
    • Monopolistic competition, business cycles, and the composition of aggregate demand
    • Gali J. Monopolistic competition, business cycles, and the composition of aggregate demand. J. Econ. Theory 1994, 63:73-96.
    • (1994) J. Econ. Theory , vol.63 , pp. 73-96
    • Gali, J.1
  • 26
    • 0000910281 scopus 로고
    • The impact of cyclical demand movements on collusive behavior
    • Haltiwanger J., Harrington Joseph E. The impact of cyclical demand movements on collusive behavior. RAND J. Econ. 1991, 22:89-106.
    • (1991) RAND J. Econ. , vol.22 , pp. 89-106
    • Haltiwanger, J.1    Harrington, J.E.2
  • 28
    • 70349238425 scopus 로고    scopus 로고
    • Misallocation and manufacturing TFP in China and India
    • Hsieh C.-T., Klenow P.J. Misallocation and manufacturing TFP in China and India. Quart. J. Econ. 2009, 124:1403-1448.
    • (2009) Quart. J. Econ. , vol.124 , pp. 1403-1448
    • Hsieh, C.-T.1    Klenow, P.J.2
  • 29
    • 36048954529 scopus 로고    scopus 로고
    • Firm dynamics and markup variations: implications for sunspot equilibria and endogenous economic fluctuations
    • Jaimovich N. Firm dynamics and markup variations: implications for sunspot equilibria and endogenous economic fluctuations. J. Econ. Theory 2007, 137:300-325.
    • (2007) J. Econ. Theory , vol.137 , pp. 300-325
    • Jaimovich, N.1
  • 30
    • 55549098518 scopus 로고    scopus 로고
    • Firm dynamics, markup variations and the business cycle
    • Jaimovich N., Floetotto M. Firm dynamics, markup variations and the business cycle. J. Monet. Econ. 2008, 55:1238-1252.
    • (2008) J. Monet. Econ. , vol.55 , pp. 1238-1252
    • Jaimovich, N.1    Floetotto, M.2
  • 31
    • 0005034268 scopus 로고
    • Micro shocks and aggregate risk
    • Jovanovic B. Micro shocks and aggregate risk. Quart. J. Econ. 1987, 102:395-409.
    • (1987) Quart. J. Econ. , vol.102 , pp. 395-409
    • Jovanovic, B.1
  • 32
    • 84915765748 scopus 로고    scopus 로고
    • Innovation, growth, and asset prices
    • forthcoming
    • Kung H., Schmid L. Innovation, growth, and asset prices. J. Finance 2014, forthcoming.
    • (2014) J. Finance
    • Kung, H.1    Schmid, L.2
  • 33
    • 0001519332 scopus 로고
    • Time to build and aggregate fluctuations
    • Kydland F.E., Prescott E.C. Time to build and aggregate fluctuations. Econometrica 1982, 50:1345-1370.
    • (1982) Econometrica , vol.50 , pp. 1345-1370
    • Kydland, F.E.1    Prescott, E.C.2
  • 34
    • 84960612322 scopus 로고
    • The concept of monopoly and the measurement of monopoly power
    • Lerner A.P. The concept of monopoly and the measurement of monopoly power. Rev. Econ. Stud. 1934, 1:157-175.
    • (1934) Rev. Econ. Stud. , vol.1 , pp. 157-175
    • Lerner, A.P.1
  • 37
    • 46549099071 scopus 로고
    • The equity premium: a puzzle
    • Mehra R., Prescott E.C. The equity premium: a puzzle. J. Monet. Econ. 1985, 15:145-161.
    • (1985) J. Monet. Econ. , vol.15 , pp. 145-161
    • Mehra, R.1    Prescott, E.C.2
  • 39
    • 77349098526 scopus 로고    scopus 로고
    • Tariff wars in the Ricardian model with a continuum of goods
    • Opp M.M. Tariff wars in the Ricardian model with a continuum of goods. J. Int. Econ. 2010, 80:212-225.
    • (2010) J. Int. Econ. , vol.80 , pp. 212-225
    • Opp, M.M.1
  • 42
    • 0001668064 scopus 로고
    • A supergame-theoretic model of price wars during booms
    • Rotemberg J.J., Saloner G. A supergame-theoretic model of price wars during booms. Amer. Econ. Rev. 1986, 76:390-407.
    • (1986) Amer. Econ. Rev. , vol.76 , pp. 390-407
    • Rotemberg, J.J.1    Saloner, G.2
  • 43
    • 84934563476 scopus 로고
    • Oligopolistic pricing and the effects of aggregate demand on economic activity
    • Rotemberg J.J., Woodford M. Oligopolistic pricing and the effects of aggregate demand on economic activity. J. Polit. Economy 1992, 100:1153-1207.
    • (1992) J. Polit. Economy , vol.100 , pp. 1153-1207
    • Rotemberg, J.J.1    Woodford, M.2
  • 45
    • 0030639692 scopus 로고    scopus 로고
    • Comparing four models of aggregate fluctuations due to self-fulfilling expectations
    • Schmitt-Grohe S. Comparing four models of aggregate fluctuations due to self-fulfilling expectations. J. Econ. Theory 1997, 72:96-147.
    • (1997) J. Econ. Theory , vol.72 , pp. 96-147
    • Schmitt-Grohe, S.1
  • 46
    • 84923033959 scopus 로고    scopus 로고
    • Good-specific habit formation and the cross-section of expected returns
    • forthcoming
    • van Binsbergen J.H. Good-specific habit formation and the cross-section of expected returns. J. Finance 2014, forthcoming.
    • (2014) J. Finance
    • van Binsbergen, J.H.1
  • 47
    • 0003637558 scopus 로고
    • Stationary sunspot equilibria: the case of small fluctuations around a deterministic steady state
    • Technical report, University of Chicago, Unpublished manuscript.
    • M. Woodford, Stationary sunspot equilibria: the case of small fluctuations around a deterministic steady state, Technical report, University of Chicago, 1986, Unpublished manuscript.
    • (1986)
    • Woodford, M.1
  • 49
    • 0002085296 scopus 로고
    • Self-fulfilling expectations and fluctuations in aggregate demand
    • MIT Press, Cambridge, MA, N. Mankiw, D. Romer (Eds.)
    • Woodford W. Self-fulfilling expectations and fluctuations in aggregate demand. New Keynesian Economics 1991, MIT Press, Cambridge, MA. N. Mankiw, D. Romer (Eds.).
    • (1991) New Keynesian Economics
    • Woodford, W.1
  • 50
    • 84870170950 scopus 로고    scopus 로고
    • Monopolistic competition: beyond the constant elasticity of substitution
    • Zhelobodko E., Kokovin S., Parenti M., Thisse J.-F. Monopolistic competition: beyond the constant elasticity of substitution. Econometrica 2012, 80:2765-2784.
    • (2012) Econometrica , vol.80 , pp. 2765-2784
    • Zhelobodko, E.1    Kokovin, S.2    Parenti, M.3    Thisse, J.-F.4


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.