We show that firms' market power dampens the response of their output to monetary policy shocks, using firm-level data for the United States and a large cross-country firm-level dataset for 14 advanced economies. The estimated impact of a firm's markup on its response to a monetary policy shock...

We develop a structural framework that allows us to quantify the evolution of aggregate bilateral trade costs and markups over time. With minimal assumptions, we can disentangle aggregate markup and trade cost changes from observed changes in trade flows. We apply our method to trade data...

Substantial changes in the world wheat market have resulted in a shift in the market shares of the main wheat exporting countries. Since 2002, Kazakhstan, Russia, and Ukraine (KRU) have become important wheat exporters on the world market, and their pricing behavior has become a vital issue. By...