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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:Markups and Demand Shocks: Using Microdata from Single-Product Firms to Dis
 entangle Unobservables\nAbstract:\nThe cyclical behavior of markups has bee
 n at the center of macroeconomic debate on the origins of business-cycle fl
 uctuations and policy effectiveness. In theory, markups may fluctuate endog
 enously with the business cycle due to sluggish price adjustment or to deep
 er motives affecting the price-elasticity of demand faced by individual pro
 ducers. In this article we make use of a large firm- and product-level pane
 l of Portuguese manufacturing firms in the 2004-2010 period. Perhaps the bi
 ggest 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 p
 roduct-level prices at a yearly frequency allowing us to separately estimat
 e both supply and demand. Our main results suggest that markups are pro-cyc
 lical conditional on TFP shocks and generally counter-cyclical with demand 
 shocks. Leverage magnify the demand shocks which suggests that leveraged fi
 rms have steeper cost curves.\n
DTSTAMP:20260404T003728Z
DTSTART:20151022T173000Z
DTEND:20151022T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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