haku: @author Chevalier, J. / yhteensä: 3
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| Tekijä: | Chevalier, J. Scharfstein, D. |
| Otsikko: | Capital-market imperfections and countercyclical markups: theory and evidence |
| Lehti: | American Economic Review
1996 : SEP, VOL. 86:4, p. 703-725, p. 703-725 |
| Asiasana: | ECONOMICS THEORIES MARKETS |
| Kieli: | eng |
| Tiivistelmä: | During recessions, output prices seem to rise relative to wages and raw-material prices. One explanation is that imperfectly competitive firms compete less aggressively during recessions. That is, markups of price over marginal cost are countercyclical. The authors present a model of countercycliclal markups based on capital-market imperfections. During recessions, liquidity-constrained firms boost shortrun profits by raising prices to cut their investments in market share, claim the authors of the article. |
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