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A fresh interpretation is provided of the influential finding that the markup of prices over marginal costs is counter-cyclical. Using quarterly US data we argue that the markup is best modelled as a variable that is integrated of order one. A consequence of this finding is that the markup cannot be related in the long run with business cycle variables since these are traditionally thought of as being...
This paper investigates the cyclical behavior of prices and inflation using the Backus and Kehoe (American Economic Review, 1992, 82, 864-888) data (consisting of over 100 years of annual observations for 10 countries) and the methodology suggested by Kydland and Prescott (Federal Reserve Bank of Minneapolis Quarterly Review, 1990, 3-18). The results show that prices and inflation are generally anything...
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