摘要：I test the predictions from Duca, Montero, Riggi and Zizza (2017), who develop a customermarketmodel with consumer switching costs and capital-market imperfections in whichprice-cost markups behave countercyclically, with a subsample of European fi rmsparticipating in the Wage Dynamics Network 2014 survey. I use a novel empirical approachdeveloped by Aakvik, Heckman and Vytlacil (2005) for estimating discrete choice modelswith binary endogenous regressors that allows for selection on unobservables. Resultsshow that fi rms subject to fi nancial constraints had a signifi cantly higher probability ofraising markups than in a counterfactual scenario without such constraints. Moreover, theestimated partial effects for the main variables are in overall accordance with the predictionsfrom the theoretical model.
关键词：markups; fi nancial frictions; customer market; discrete-choice models.
