文章基本信息

标题：Markups, intangible capital and heterogeneous financial frictions
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作者：Carlo Altomonte ; Domenico Favoino ; Monica Morlacco 等
期刊名称：CEP Discussion Paper
出版年度：2022
卷号：2022
语种：English
出版社：Centre for Economic Performance
摘要：This paper studies the interaction between financial frictions, intangible investment decisions, and markups at the firm level. In our model, heterogeneous credit constraints distort firms' decisions to invest in cost-reducing technology. The latter interacts with variable demand elasticity to generate endogenous dispersion across firms in markups and pass-through elasticities. We test the model's predictions on a representative sample of French manufacturing firms over the period 2004-2014. We establish causality by exploiting a quasi-natural experiment induced by a policy change that affected firms' liquidity. Our results shed new light on the roots of rising markups and markup heterogeneity in recent years.
关键词：markups;financial constraints;intangibles;productivity;technological change