Mark-up Rate Fluctuations in the Business Cycle : A Kaleckian View(2)(Special Issue Dedicated to Professor Hiromi ANDO)

概要

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This is an empirical research followed on my methodological paper(1999), in which we tried to explain actual mark-up rate fluctuations theoretically. Our model supported procyclical fluctuations of the mark-up rate. Here we calculated five kinds of mark-up rate for Japan and the United States for 1970-98, and the United Kingdom for 1970-96, respectively. Then we made a regression analysis on the mark-up rates. It turned out that actual mark-up rates showed more or less procyclical fluctuations and our regression results confirmed the procyclical movements. This analysis has the limitations of the macro-economic analysis and the three advanced countries for the period from 1970 to 1998. But this may give some hint to clear up the long-pending question (since Kalecki and Harrod) whether the degree of monopoly (the mark-up rate in our context) fluctuates procyclically or countercyclically. We also found a surprisingly strong similarity in the mark-up rate level, which remained a topic for future research, as well as formulating a mark up rate function.
桃山学院大学の論文