Borrowing Constraints, Markups, and Misallocation
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https://www.nber.org/papers/w33960
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We document that less constrained firms in an industry have higher markups. This connection between markups and borrowing constraints has important allocative efficiency implications: it lowers the TFP losses from markup dispersion, because looser borrowing constraints help higher markup firms
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美国国家经济研究局创建时间：
2025-06-01
