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BEGIN:VEVENT
UID:76ad2ec21e8c9b9a5c94dfb4cf3ec0f9
CATEGORIES:Seminars
CREATED:20161216T175030
SUMMARY:Carlos Santos - NOVA School of Business and Economics
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Markups and Demand Shocks: Using Mi
 crodata from Single-Product Firms to Disentangle Unobservables</strong></p>
 <p style="text-align: justify;"><strong>Abstract:</strong></p><p style="tex
 t-align: justify;">The cyclical behavior of markups has been at the center 
 of macroeconomic debate on the origins of business-cycle fluctuations and p
 olicy effectiveness. In theory, markups may fluctuate endogenously with the
  business cycle due to sluggish price adjustment or to deeper motives affec
 ting the price-elasticity of demand faced by individual producers. In this 
 article we make use of a large firm- and product-level panel of Portuguese 
 manufacturing firms in the 2004-2010 period. Perhaps the biggest empirical 
 challenge is to obtain a measure of TFP that is purged from demand shocks. 
 One important advantage of this dataset is that we obtain product-level pri
 ces at a yearly frequency allowing us to separately estimate both supply an
 d demand. Our main results suggest that markups are pro-cyclical conditiona
 l on TFP shocks and generally counter-cyclical with demand shocks. Leverage
  magnify the demand shocks which suggests that leveraged firms have steeper
  cost curves.</p>
DTSTAMP:20260404T003841Z
DTSTART:20151022T173000Z
DTEND:20151022T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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