Markups Across Space and Time

• 成果类型: Article
• 署名作者: Anderson, Eric; Rebelo, Sergio; Wong, Arlene
• 署名单位: Northwestern University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of Sydney
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdaf098
• 发表日期: 2026
• 关键词: monetary nonneutrality; cyclical behavior; interest-rates; sticky prices; marginal cost; UNITED-STATES; menu costs; US; rigidities; POLICY

摘要

In this article, we provide direct evidence on the behaviour of markups in the retail sector across space and time. Markups are measured using gross margins. We consider three levels of aggregation: the retail sector as a whole, the firm, and the product level. We find that: (1) markups are relatively stable over time and mildly procyclical; (2) there is a large regional dispersion in markups; (3) there is a positive cross-sectional correlation between local income and local markups; and (4) differences in markups across regions result from differences in the assortment of goods sold in different regions, not from deviations from uniform pricing. We propose a simple model consistent with these facts.