| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4614 |
| 来源ID | Working Paper 4614 |
| Capital Market Imperfections and Countercyclical Markups: Theory and Evidence | |
| Judith A. Chevalier; David S. Scharfstein | |
| 发表日期 | 1994 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | During recessions, output prices tend to rise relative to wages and raw-materials prices. One explanation of this fact is that imperfectly competitive firms compete less aggressively during recessions - that is, markups of price over marginal cost are countercyclical. We present a model in which markups are countercyclical because of capital-market imperfections. During recessions, liquidity-constrained firms try to boost short-run profits by raising prices to cut their investments in market share. We provide evidence from the supermarket industry in support of this theory. We show that during regional and macroeconomic recessions, the most financially constrained supermarket chains tend to raise their prices relative to less financially constrained chains. |
| URL | https://www.nber.org/papers/w4614 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562002 |
| 推荐引用方式 GB/T 7714 | Judith A. Chevalier,David S. Scharfstein. Capital Market Imperfections and Countercyclical Markups: Theory and Evidence. 1994. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4614.pdf（377KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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