Autore:
Marchetti, Domenico J. Titolo:
Markup and the business cycle: evidence from italian manufacturing branches.Periodico:
Banca d'Italia. Temi di discussioneAnno:
1999 - Volume:
12 - Fascicolo:
362 - Pagina iniziale:
1This paper investigates the markup of price over marginal cost in Italian manufacturing
branches. The approach used is an extension of Hall’s model that addresses some
measurement shortcomings and theoretical limitations that may affect this class of model.
The hypothesis of perfect competition is rejected in the majority of sectors over the period 1977-1995. Data on the cyclical behavior of the markup are found to vary significantly across branches, thereby helping to explain the contradictory evidence regarding the whole manufacturing sector reported in the literature. At sectoral level, industry concentration is
found to be associated with anticyclical markups, as suggested by recent theoretical
contributions. Finally, the size of the markup is negatively affected by both domestic and foreign competitive pressure.
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