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Demand, Markups and the Business Cycle

Author

Listed:
  • Lilia Cavallari
  • Federico Etro
Abstract
We generalize the demand side of a Real Business Cycle model introducing non-homothetic preference aggregators over differentiated final goods. Under monopolistic competition this generates markups which vary with consumption. We estimate a flexible preference specification through Bayesian methods and obtain substitutability across goods increasing with consumption. The closed-economy model magnifies the propagation of shocks through additional substitution effects on labor supply and consumption. In an open-economy framework, it also generates positive comovements of output, labor and investment and reduces consumption correlation between countries. In particular, a positive shock in the Home country improves its terms of trade, which promotes consumption in the Home country but also production in the Foreign country.

Suggested Citation

  • Lilia Cavallari & Federico Etro, 2018. "Demand, Markups and the Business Cycle," Working Papers - Economics wp2018_30.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    • Handle: RePEc:frz:wpaper:wp2018_30.rdf
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    Cited by:

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    2. Boug, Pål & Brasch, Thomas von & Cappelen, Ådne & Hammersland, Roger & Hungnes, Håvard & Kolsrud, Dag & Skretting, Julia & Strøm, Birger & Vigtel, Trond C., 2023. "Fiscal policy, macroeconomic performance and industry structure in a small open economy," Journal of Macroeconomics, Elsevier, vol. 76(C).
    3. Cavallari, Lilia, 2022. "The international real business cycle when demand matters," Journal of Macroeconomics, Elsevier, vol. 73(C).
    4. Paolo Bertoletti & Federico Etro, 2022. "Monopolistic competition, as you like it," Economic Inquiry, Western Economic Association International, vol. 60(1), pages 293-319, January.
    5. Weinberger, Ariel, 2020. "Markups and misallocation with evidence from exchange rate shocks," Journal of Development Economics, Elsevier, vol. 146(C).
    6. Cavallari, Lilia, 2020. "Monetary policy and consumers' demand," Economic Modelling, Elsevier, vol. 92(C), pages 23-36.
    7. Etro, Federico, 2017. "The Heckscher–Ohlin model with monopolistic competition and general preferences," Economics Letters, Elsevier, vol. 158(C), pages 26-29.
    8. Etro, Federico, 2023. "Technologies for endogenous growth," Journal of Mathematical Economics, Elsevier, vol. 105(C).

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    More about this item

    Keywords

    RBC; non-homothetic preference aggregators; variable markups; international macroeconomics.;
    All these keywords.

    JEL classification:

    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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