Markup cyclicality and input factor adjustments |
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Authors: | Jan Erik Askildsen Øivind Anti Nilsen |
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Affiliation: | 1. Stein Rokkan Centre for Social Studies, Nyg?rdsgaten 5, 5015, Bergen, Norway 2. Department of Economics, Norwegian School of Economics and Business Administration, Hellevn. 30, 5045, Bergen, Norway
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Abstract: | This paper investigates the existence of markups and their cyclical behaviour at the industry sector level. Markups are given as a price-cost relation that is estimated from a dynamic, structural model of the firm. The firms face costly adjustment of labour and potential financial constraints. The model is tested on a panel of firm- and plant-level data from Norwegian manufacturing industries. The results indicate a frequent presence of moderate pro-cyclical markups. Labour adjustment costs are present in four out of seven sectors but small in magnitude. The results are related to the role played by unions in a setting with high union density. |
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