Lechthaler, Wolfgang (contributor); … - 2008
for fluctuations of the markup over the business-cycle.
Furthermore, their approach does not allow for unemployment.
7 …
, in response to a positive monetary shock (since price deviations will
lead to larger demand fluctuations under a more … competitive product market
and since these demand fluctuations diminish the present value of profits.
42
).
Thus, the price …