La dinámica de los márgenes en España. Una primera aproximación con datos agregados

Under imperfect competition in the goods and services markets, price and marginal costs may have different dynamic behaviours. In particular, the dynamic behaviour of markups will depend on current and expected values of future demand. This paper obtains a new series of aggregate (and average) markups corresponding to the industrial and services sectors through the behaviour implied by the value added, the input factors and their prices over the period 1977-1995. We conclude that these markups will depend on the ratio of future demand relative to current demand. These results are robust to alternative econometric exercises. (Copyright: Fundación Empresa Pública)