Christopher T. Conlon, Nathan H. Miller, Tsolmon Otgon, Yi Yao
{"title":"Rising Markups, Rising Prices?","authors":"Christopher T. Conlon, Nathan H. Miller, Tsolmon Otgon, Yi Yao","doi":"10.1257/pandp.20231098","DOIUrl":null,"url":null,"abstract":"The rise in markups and market power documented by De Loecker, Eeckhout, and Unger (2020) has recently generated much discussion in economics. We measure the correlation between the change in firm level markups and the change in industry level prices as measured by the Producer Price Index and find little to no relationship both for 1980-2018 and 2018-present. While a “false negative” result due to mismeasurement is possible, it also raises the possibility that firms have not passed along declines in marginal costs to consumers or that there have been significant changes in scale elasticities.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"22 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"AEA papers and proceedings. American Economic Association","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1257/pandp.20231098","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 2
Abstract
The rise in markups and market power documented by De Loecker, Eeckhout, and Unger (2020) has recently generated much discussion in economics. We measure the correlation between the change in firm level markups and the change in industry level prices as measured by the Producer Price Index and find little to no relationship both for 1980-2018 and 2018-present. While a “false negative” result due to mismeasurement is possible, it also raises the possibility that firms have not passed along declines in marginal costs to consumers or that there have been significant changes in scale elasticities.
De Loecker, Eeckhout和Unger(2020)记录的加价和市场力量的上升最近在经济学中引起了很多讨论。我们用生产者价格指数衡量了企业水平加价变化与行业水平价格变化之间的相关性，发现1980-2018年和2018年至今之间几乎没有关系。虽然由于测量错误而导致的“假阴性”结果是可能的，但它也提出了这样一种可能性，即企业没有将边际成本的下降传递给消费者，或者规模弹性发生了重大变化。
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