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- W2912101423 abstract "We present a simple model of endogenous markups and illustrate its connection to asset pricing. In equilibrium, markups are non--monotonic in underlying macro risk in that above a threshold, monopolistic rents can not be sustained and markups drop to zero. The interaction between demand and discount rates that vary over the business cycle has several implications that do not arise in a model in which constant discount rates are exogenously imposed. For example, the higher the correlation between demand realizations and the business cycle, the more counter-cyclical the markup is in equilibrium. Indeed, sustaining a noncompetitive equilibrium with positive markups is more difficult in industries in which demand is strongly procyclical. These observations allow us to distinguish between fundamental industry risk and fluctuations in equity returns." @default.
- W2912101423 created "2019-02-21" @default.
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- W2912101423 date "2009-01-01" @default.
- W2912101423 modified "2023-09-25" @default.
- W2912101423 title "Competition and Asset Prices" @default.
- W2912101423 doi "https://doi.org/10.2139/ssrn.1344876" @default.
- W2912101423 hasPublicationYear "2009" @default.
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