Warianty tytułu
Języki publikacji
Abstrakty
We propose a framework allowing to identify sources changes in aggregatemarkups. Our approach derives from the conjectural variation theory and al-lows to evaluate the role of price elasticity of demand as well as concentrationin shaping the markups. In the empirical part, we show that a decline inthe aggregate markups in Poland, showed by Gradzewicz and Mu ́ck (2019),can be explained to a large extent by rising demand elasticity, while risingconcentration has mitigated this effect. We also document that at the indus-try level the globalization trends, e.g. international fragmentation, increasingstandardization and tighter integration with global economy, affect both de-mand elasticity and markups but in a theory-consistent, inverse way. Besides,we identify factors which are specific to demand elasticity (product varietiesand a home bias) and the markups (import content of exports). (original abstract)
Słowa kluczowe
Rocznik
Numer
Strony
21
Opis fizyczny
Twórcy
autor
- Warsaw School of Economics, Poland; National Bank of Poland
autor
- Warsaw School of Economics, Poland; National Bank of Poland
Bibliografia
- Ackerberg, D., K. Caves, G. Frazer, (2015). Identification Properties of Recent Production Function Estimators, Econometrica, 83(6), 2411-2451.
- Antras, P., D. Chor, T. Fally, R. Hillberry, (2012). Measuring the upstreamness of production and trade flows, American Economic Review, 102(3), 412-416.
- Autor, D., D. Dorn, L. F. Katz, C. Patterson, J. Van Reenen, (2020). The Fall of the Labor Share and the Rise of Superstar Firms, The Quarterly Journal of Economics, 135(2),645-709.
- Bajgar, M., G. Berlingieri, S. Calligaris, C. Criscuolo, J. Timmis (2019). Industry Concentration in Europe and North America. Technical Report 18, OECD Publishing.
- Barkai, S. (2020). Declining Labor and Capital Shares, The Journal of Finance, 75(5), 2421-2463.
- Bowley, A. (1924).The Mathematical Groundwork of Economics: An Introductory Treatise, Reprints of Economic Classics. Clarendon Press.
- Bresnahan, T. F., (1989). Empirical studies of industries with market power, ch.17, pp.1011-1057, in: Handbook of Industrial Organization, Vol.2.; Editors: Richard Schmalensee, Robert Willig, Elsevier.
- Caballero, R. J., E. Farhi, P.-O. Gourinchas, (2017). Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares, American Economic Review, 107(5), 614-620.
- Calligaris, S., C. Criscuolo, L. Marcolin, (2018). Mark-ups in the digital era, OECD Science, Technology and Industry Working Paper 2018/10, OECD Publishing.
- Corts K. S., (1999). Conduct parameters and the measurement of market power, Journal of Econometrics, 88(2), 227-250.
- De Loecker J., J. Eeckhout, (2018). Global Market Power, NBER Working Paper 24768.
- 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.
- Foster, L., J. Haltiwanger, C. Syverson, (2008). Reallocation, Firm Turnover, and Efficiency: Selection on Productivity or Profitability? American Economic Review, 98(1),394-425.
- Gradzewicz, M., J. Mućk (2019). Globalization and the fall of markups, Technical Report 304, Narodowy Bank Polski, Economic Research Department.
- Gutierrez, G., T. Phillippon (2017). Investment less Growth: An Empirical Investigation, Brookings Papers on Economic Activity, 89-169.
- Hall, R. E. (2018). Using Empirical Marginal Cost to Measure Market Power in the US Economy, Working Paper 25251, National Bureau of Economic Research.
- Levinsohn, J., A. Petrin, (2003). Estimating Production Functions Using Inputs to Control for Unobservables, Review of Economic Studies, 70(2), 317-341.
- Melitz M. J., (2003). The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity, Econometrica, 71(6), 1695-1725.
- Meng, B., M. Ye, and S.-J. Wei (2020). Measuring smile curves in global value chains, Oxford Bulletin of Economics and Statistics.
- Perry M.K., (1982). Oligopoly and Consistent Conjectural Variations, Bell Journal of Economics, 13(1),197-205.
- Syverson C., (2004). Product Substitutability and Productivity Dispersion, The Review of Economics and Statistics, 86(2), 534-550.
- Syverson C., (2019). Macroeconomics and Market Power: Context, Implications, and Open Questions, Journal of Economic Perspectives, 33(3), 23-43.
- Timmer M., E. Dietzenbacher, B. Los, R. Stehrer, G. de Vries (2015). An illustrated user guide to the world input-output database: The case of global automotive production, Review of International Economics, 23(3),575-605.
- Timmer, M. P., A. A. Erumban, B. Los, R. Stehrer, G. J. de Vries (2014). Slicing up global value chains, Journal of Economic Perspectives, 28(2), 99-118.
- Wang, Z., S.-J. Wei, K. Zhu (2013). Quantifying international production sharing at the bilateral and sector levels, NBER Working Papers 19677, National Bureau of Economic Research, Inc.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171607889