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  • 2022
  • Working Paper

Markups to Financial Intermediation in Foreign Exchange Markets
By: Jonathan Wallen
On average from 2013 to 2020, foreign asset managers in net sold forward 1.1 trillion U.S. dollars. This forward sale of dollars hedges the currency mismatch of foreign investment in U.S. dollar assets. By accommodating this demand, U.S. and European banks earn an...  View Details
Keywords: Foreign Exchange; Financial Intermediation; Arbitrage; Market Power; Regulations; Currency; Assets; Interest Rates; Banking Industry
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  • 2022
  • Working Paper

Rising Markups and the Role of Consumer Preferences
By: Hendrik Döpper, Alexander MacKay, Nathan H. Miller and Joel Stiebale
We characterize the evolution of markups for consumer products in the United States from 2006 to 2019. We use detailed data on prices and quantities for products in more than 100 distinct product categories to estimate demand systems with flexible consumer preferences....  View Details
Keywords: Market Power; Markups; Demand Estimation; Consumer Products; Retailers; Product; Price; Demand and Consumers; Consumer Behavior
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  • 2022
  • Working Paper

Customer Churn and Intangible Capital
By: Scott R. Baker, Brian Baugh and Marco Sammon
Intangible capital is a crucial and growing piece of firms’ capital structure and helps to explain long run trends in concentration and markups. We develop new firm level metrics regarding a key component of intangible capital—customer churn—using a class of household...  View Details
Keywords: Customer Base; Transaction Data; Customer Churn; Intangible Capital; Capital; Capital Structure; Customers; Corporate Finance
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  • 2021
  • Working Paper

Deregulation, Market Power, and Prices: Evidence from the Electricity Sector
By: Alexander MacKay and Ignacia Mercadal
When deciding whether to introduce market competition in a regulated industry, a regulator faces an important tradeoff. Market-based prices can provide incentives to allocate resources more efficiently and reduce costs, but the presence of market power may lead to...  View Details
Keywords: Deregulation; Market Power; Markups; Prices; Electricity; Energy; Markets; Governing Rules, Regulations, and Reforms; Price; Utilities Industry
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  • 2021
  • Working Paper

Competitive Two-Part Tariffs
By: Jorge Tamayo and Guofu Tan
We study competitive two-part tariffs in a model of asymmetric duopoly firms that offer (vertically and horizontally) differentiated products. We show that the sign of the markup for each product depends on the average expected demand among all customers as well as the...  View Details
Keywords: Product Differentiation; Two-part Tariffs; Marginal-cost Pricing; Cross-subsidization; Competition; Price
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  • Article

The Value of Trading Relations in Turbulent Times
By: Marco Di Maggio, Amir Kermani and Zhaogang Song
This paper investigates how dealers’ trading relations shape their trading behavior in the corporate bond market. Dealers charge lower spreads to dealers with whom they have the strongest ties and more so during periods of market turmoil. Systemically important dealers...  View Details
Keywords: OTC Markets; Network; Corporate Bonds; Crisis; Intermediation Chains; Leaning Against The Wind; Networks; Bonds; Behavior; Financial Crisis
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  • August 2001 (Revised February 2005)
  • Case

Dakota Office Products
By: Robert S. Kaplan
The senior management team of Dakota, an office products distributor, is concerned about the company's first loss in history. Explores the role for activity based costing and customer profitability measurement in a distribution company. Dakota's customers are...  View Details
Keywords: Activity Based Costing and Management; Order Taking and Fulfillment; Profit; Distribution; Customers; Distribution Industry
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  • Article

Liquidity Constraints and the Cyclical Behavior of Markups
By: David S. Scharfstein and Judith A. Chevalier
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