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Theoretical models of the relationship between inflation and markup focus on the markup of price on marginal costs in contrast with empirical models that typically concentrate on the markup on unit costs. Using nearly 50 years of quarterly United States data we identify a strong negative long-run relationship between inflation and both measures of the markup. We derive the theoretical link between...
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...
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