Firm dynamics and pricing under customer capital accumulation
Journal of Monetary Economics(2021)
摘要
•Study how customer capital affects firm dynamics and markup cyclicality.•Small sellers grow faster via lower prices.•Model fits cross-sectional and lifecycle features of the U.S. retail sector.•Markups are procyclical because sellers use customers as a form of capital.
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关键词
Customer capital,Directed search,Firm dynamics,Dynamic contracts
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