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The treatment of capital costs, as either fixed or variable, is key for estimating markups. Data leans clearly towards … fixity, which explains the high markups emphasized in previous studies based on Roeger's methodology. Direct estimation from …
Persistent link: https://www.econbiz.de/10010750894
countercyclical markups. When we include physical capital, the model can simultaneously reproduce most of the variance of GDP, hours …
Persistent link: https://www.econbiz.de/10010635237