Employment and hours appear far more cyclical than dictated by the behavior of productivity and consumption. This … marginal rate of substitution of consumption for leisure. The labor wedge can be broken into a price markup and a wage markup …. Because employee wages may be smoothed versions of the true cyclical price of labor, we instead examine the self-employed and …

Employment and hours appear far more cyclical than dictated by the behavior of productivity and consumption. This … marginal rate of substitution of consumption for leisure. The labor wedge can be broken into a price markup and a wage markup …. Because employee wages may be smoothed versions of the true cyclical price of labor, we instead examine the self-employed and …

Different methods have been used in the literature to measure and analyze price markup cyclicalbehavior. We use a … monetary policy shocks drive aggregate fluctuations and whereboth price and wage markups vary. We find that when raising trend … inflation from 0% to 4% and 2%to 4%, wage markup is more important than price markup in explaining the dynamic effects of shocks …

Many models in the business cycle literature generate counter-cyclical price markups. This paper examines if the … Keynesian model with heterogeneous price stickiness. First, I explore the Atkeson and Burstein (2008) model of oligopolistic … markups. Second, I calibrate both Calvo and menu cost models of price stickiness to match the empirical heterogeneity in price …

model in which markup ratios correspond to the prices of differentiated intermediate inputs relative to the price of … reduces the relative price of intermediates and thereby mimics the output effects from an increase in competition. In an open … economy, domestic output is stimulated by reductions in the relative price of foreign intermediates and, therefore, by …

model in which markup ratios correspond to the prices of differentiated intermediate inputs relative to the price of … reduces the relative price of intermediates and thereby mimics the output effects from an increase in competition. In an open … economy, domestic output is stimulated by reductions in the relative price of foreign intermediates and, therefore, by …