factor prices has a positive effect on markups. We show theoretically that firms with higher shares of inputs with volatile … prices set higher markups. We use the Bartik shift-share approach to empirically test whether firms which use more oil … relative to other inputs set higher markups when oil prices are more volatile. Our estimates imply that a one standard …

profit against uncertainty. This paper estimates the firm-level markups and markup volatility to identify the countervailing … market power and stability. Farmer cooperatives in both sectors gain stability in their markups but their markups are lower …