Data for: Entry and markup dynamics in an estimated business cycle model

Abstract of associated article: How do changes in market structure affect the US business cycle? We estimate a monetary DSGE model with endogenous firm/product entry and a translog expenditure function by Bayesian methods. The dynamics of net business formation allow us to identify the extent to which desired price markups and inflation decrease when entry rises. We find that a 1% increase in the number of competitors lowers desired markups by 0.17%. While markup fluctuations due to sticky prices or exogenous shocks account for a large proportion of US inflation variability, endogenous changes in desired markups also play a non-negligible role.关联文章摘要：市场结构的变动如何影响美国经济周期？我们采用贝叶斯方法，估计了一个包含内生企业/产品进入与超越对数支出函数的货币动态随机一般均衡(Dynamic Stochastic General Equilibrium, DSGE)模型。企业净形成的动态特征使得我们能够识别当市场进入者增多时，合意价格加成与通货膨胀的下降幅度。研究发现，竞争者数量每增加1%，合意价格加成便会降低0.17%。尽管由粘性价格或外生冲击引发的价格加成波动能够解释美国通货膨胀波动的绝大部分，但内生性合意价格加成的变化同样发挥着不可忽视的作用。