We develop a new econometric framework that simultaneously allows recovering heterogeneity in demand, TFP and markups … quantify TFP, demand and markups and show how they are correlated among them, across time and with measures obtained from other …

al. (2017), we evaluate and confirm two core claims of the superstar firm hypothesis: the concentration of sales among … firms within industries has risen across much of the private sector; and industries with larger increases in concentration …

markups increase and output falls after uncertainty shocks. The model is also used as a business cycle accounting device to … construct aggregate markups from the data. Time-series techniques are employed to study the conditional comovement between … markups and output in the data. Consistent with the model's precautionary wage setting, we find that wage markups increase …

by changes in markups rather than by changes in local costs. We then argue that markups rise with house prices … markups in response. Consistent with this explanation, shopping data confirms that house price changes have opposite effects …

class of homothetic preferences—that generate variable markups, display a simple behavior of their elasticity of … substitution, and nest the ces as a limiting case—we show that trade liberalization: (i) reduces domestic markups and increases … imported markups in the traded sector; (ii) increases markups in the non-traded sector; and (iii) increases firm sizes in both …