NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Cyclical Response of Advertising Refutes Counter-Cyclical Profit Margins in Favor of Product-Market Frictions

Robert E. Hall

NBER Working Paper No. 18370
Issued in September 2012

---- Acknowledgements -----

The Hoover Institution supported this research. The research is also part of the National Bureau of Economic Research's Economic Fluctuations and Growth Program. I am grateful to Kyle Bagwell, Mark Bils, Valerie Ramey, Julio Rotemberg, Stephen Sun, and Michael Woodford for valuable comments. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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