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2020 | nr 51 | 6
Tytuł artykułu

Joint identification of monopoly and monopsony power

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The article presents a generalization of an identification scheme of a monopolistic markup proposed by De Loecker and Warzynski (2012). We showed the relation between a price markup and factor wedges arising either due to firm's monopsony power and/or factor adjustment costs. The joint estimation of both kind of wedges (or price markup only) is subject to an identification problem and we discussed the possible restrictions identifying all wedges jointly. We argue that the identification restriction implicitly imposed in the empirical literature is reasonable, but in specific circumstances (or with additional information introduced) different choices may lead to better estimates of not only price markups, but also factor wedges if available data allow to measure multiple variable production factors. (original abstract)
Słowa kluczowe
Rocznik
Numer
Strony
6
Opis fizyczny
Twórcy
  • Warsaw School of Economics
Bibliografia
  • Ackerberg, D., K. Caves, G. Frazer (2015): Identification Properties of Recent Production Function Estimators, Econometrica, 83(6), 2411-2451.
  • Atalay, E. (2017): How Important Are Sectoral Shocks?, American Economic Journal: Macroeconomics, 9(4), 254-280.
  • Basu, S. (2019): Are Price-Cost Markups Rising in the United States? A Discussion of the Evidence, Journal of Economic Perspectives, 33(3), 3-22.
  • De Loecker, J., J. Eeckhout, G. Unger (2020): The Rise of Market Power and the Macroeconomic Implications, The Quarterly Journal of Economics, 135(2), 561-644.
  • De Loecker, J., F. Warzynski (2012): Markups and Firm-Level Export Status," American Economic Review, 102(6), 2437-2471.
  • Gradzewicz, M., J. Mućk (2019): Globalization and the Fall of Markups, Discussion Paper 304, Narodowy Bank Polski, Economic Research Department.
  • Morlacco, M. (2019): Market Power in Input Markets: Theory and Evidence from French Manufacturing, in: From Micro to Macro: Market Power, Firms' Heterogeneity and Investment, Luxembourg. EIB.
  • Syverson, C. (2019): Macroeconomics and Market Power: Context, Implications, and Open Questions, Journal of Economic Perspectives, 33(3), 23-43.
  • Traina, J. (2018): Is Aggregate Market Power Increasing? Production Trends Using Financial Statements, SSRN Scholarly Paper ID 3120849, Social Science Research Network, Rochester, NY.
Typ dokumentu
Bibliografia
Identyfikator YADDA
bwmeta1.element.ekon-element-000171597255

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