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After some delicious lunch, we’re back at the #womeninmacro conference! Valerie Ramey from @UCSDEcon is next with her paper joint with @chrisnekarda from @federalreserve Board. Views do not represent the views of the System or other research staff members.
#WIMC19 1
#WIMC19 1
@UCSDEcon @chrisnekarda @federalreserve For years, price markups were believed be me countercyclical, but some are procyclical. In New Keynesian models, price markups can be both countercyclical or procyclical, depending on the shocks.
Q: is behavior of price markups consistent with sticky-price NK models?
#WIMC19 2
Q: is behavior of price markups consistent with sticky-price NK models?
#WIMC19 2
The paper:
1) constructs a new measure of price markup
2) estimates the unconditional cyclicality of markups
3) analyzes the cyclicality of markups conditional on supply and demand shocks
#WIMC19 3
1) constructs a new measure of price markup
2) estimates the unconditional cyclicality of markups
3) analyzes the cyclicality of markups conditional on supply and demand shocks
#WIMC19 3
