firms' markups following the imposition of AD ad valorem duties. These findings are consistent with the hypothesis that …, unlike other import tariffs, AD duties are not absorbed by exporters. The results on firms' average markups also suggest that …

markups over time. With minimal assumptions, we can disentangle aggregate markup and trade cost changes from observed changes … that across all country pairs, on average, bilateral aggregate markups have increased by 2.8% per year. As bilateral trade … changes. Markups have increased less in high-income countries than in other countries. …

markups during 2000- 2015. Second, the markup increase is driven by already high-markup firms (top decile of the markup … distribution) that charge increasing markups. Third, markups increased mostly among advanced economies but not in emerging markets …. Fourth, there is a non-monotonic relation between firm size and markups that is first decreasing and then increasing. Finally …