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Author:Hong, Sungki 

Working Paper
Customer Capital, Markup Cyclicality, and Amplification

This paper studies the importance of firm-level price markup dynamics for business cycle fluctuations. Using state-of-the-art IO techniques to measure the behavior of markups over the business cycle at the firm level, I find that markups are countercyclical with an average elasticity of -1.1 with respect to real GDP. Importantly, I find substantial heterogeneity in markup cyclicality across firms, with small firms having significantly more counter-cyclical markups than large firms. Then, I develop a general equilibrium model by embedding customer capital (due to deep habits as in Ravn, ...
Working Papers , Paper 2017-33

Working Paper
Markup Cyclicality: A Tale of Two Models

Many models in the business cycle literature generate counter-cyclical price markups. This paper examines if the prominent models in the literature are consistent with the empirical findings of micro-level markup behavior in Hong (2016). In particular, I test the markup behavior of the following two models: (i) an oligopolistic competition model, and (ii) a New Keynesian model with heterogeneous price stickiness. First, I explore the Atkeson and Burstein (2008) model of oligopolistic competition, in which markups are an increasing function of firm market shares. Coupled with an exogenous ...
Working Papers , Paper 2017-34

Blog
Startups Account for Smaller Share of U.S. Jobs

Since 1994, startup firms have seen their share of U.S. employment shrink.
On the Economy

Journal Article
The Impact of Automation on Inequality

Occupations with large employment and low income have a higher automation probability.
Economic Synopses , Issue 29 , Pages 1-2

Journal Article
Trends in Startups’ Share of Jobs in the U.S. and Eighth District

Startups have been representing a smaller share of all jobs within the U.S. and Eighth District in recent years.
The Regional Economist , Volume 28 , Issue 1

Journal Article
The Global Decline of the Natural Rate of Interest and Implications for Monetary Policy

A low natural rate of interest in normal times may call for unconventional policy in recessions.
Economic Synopses , Issue 4

Journal Article
Price Markups for Small and Large Firms Over the Business Cycle

In this essay, I measure markup behaviors at the firm level (as opposed to the aggregate level usually measured in the literature). I use firm-level data in manufacturing sectors of France from the Bureau van Dijk (BvD) Amadeus dataset. I focus on the manufacturing sector because it suits the estimation of production functions.
Economic Synopses , Issue 17 , Pages 1-3

Journal Article
Firms’ Price-Markup Dynamics During the Great Recession

The customer capital model is consistent with Great Recession markup dynamics.
Economic Synopses , Issue 20 , Pages 1-2

Journal Article
How Important Are Production Networks to the U.S. Economy?

As manufacturing grows more sophisticated, industries become more interconnected through production networks.
The Regional Economist , Volume 26 , Issue 4

Journal Article
U.S. States Hit the Hardest by COVID-19 Have Lower Unemployment Risks

States with relatively more COVID-19 cases tend to have a workforce less likely to face unemployment.
Economic Synopses , Issue 12

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