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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

Journal Article
Moving In, Moving Out: The Migration Pattern of the Eighth District

Education and income differed between those leaving and those entering the District states from 2013-2017.
The Regional Economist , Volume 27 , Issue 3

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
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
60% of District's Jobs Could Face Automation in the Next 20 Years

Jobs in the St. Louis Fed?s District face a higher risk of automation than do jobs nation-wide. Smaller MSAs in the District will face bigger impact.
The Regional Economist , Volume 26 , Issue 3

Journal Article
Mapping the U.S. Production Network: Identifying Hub Industries

Identifying key suppliers and buyers could help identify the cause of certain economic downturns.
Economic Synopses , Issue 31 , Pages 1-2

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
Industry Connectivity: A Case Study of the Construction Industry

Industries most related to the construction industry were hit harder by the Great Recession.
Economic Synopses , Issue 33 , Pages 1-2

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

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