The paper asks how firm-level, sector-level, and aggregate markups comove with output at different levels of aggregation, and whether a single structural model can reconcile seemingly contradictory …
PublishedEconometricaOnline 1 Jan 2026Published Jan 2026
Using matched data combining physical production records (EAP survey) and financial statements (FARE) for 147,403 firm-years across 18 two-digit manufacturing industries in France (2009–2019), the …