Bottom-up Markup Fluctuations

We thank David Baqaee, Mark Bils, Hal Cole, Giancarlo Corsetti, Emmanuel Farhi, Jesus Fernandez-Villaverde, Xavier Gabaix, Jean Imbs, Jennifer La’O, Simon Mongey, and Dmitry Mukhin for very useful comments. We thank Isabelle Mejean for help with the FICUS-FARE data. Maarten de Ridder provided superb research assistance. We thank seminar audiences at Amsterdam, Bocconi, Brown, Bank of Portugal, Cambridge, Chicago Booth, Columbia GSB, Cornell, ECB, Einaudi EIEF, Georgetown, HEC Montréal, IIES, Kent, Oxford, Minneapolis FED, National Bank of Ukraine, Nottigham, Northwestern, NYU, Penn, Queensland, Richmond Fed, Saint-Gallen, Sciences-Po, St-Louis FED, UCLA, UC Riverside, UT Austin, UTDT, Yale, Zurich. We also thank participants and organizers of the New Frontier in Business Cycle Research Conference, Barcelona Summer Forum 2019, SED St Louis 2019, 15th CSEFIGIER Symposium, Oslo Macro Group 2019, EABCN Mannheim2019, EARIE Barcelona 2019, 1st Pavia Workshop on Macroeconomics with Heterogeneous Agents, EM3C conference Chicago 2019, Canadian Macroeconomics Study Group 2019, ASSA San Diego 2020, 1st NYUAD Macroeconomics Workshop 2020, Junior VMACS conference 2020, “Macro in a Post Pandemic” Ischia 2022. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• October 14, 2020