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Determinants of cyclical properties of the price-cost margin in US manufacturing industries

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  • In Kwon Lee

Abstract

Supergame theoretical predictions tell that oligopoly pricing may be procyclical or counter-cyclical. Industry by industry analysis shows that the speed of industry growth and the size of fixed cost are crucial in distinguishing characteristically counter-cyclical industries from procyclical industries. Counter-cyclical industries are characterized by high growth of demand and low fixed costs. Procyclical industries are characterized by low growth of demand and high fixed costs.

Suggested Citation

  • In Kwon Lee, 2001. "Determinants of cyclical properties of the price-cost margin in US manufacturing industries," International Economic Journal, Taylor & Francis Journals, vol. 18(3), pages 353-364.
    • Handle: RePEc:taf:intecj:v:18:y:2001:i:3:p:353-364
    DOI: 10.1080/1016873042000270009
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    Keywords

    JEL Classification: C72; L11; L60; Procyclical industries; counter-cyclical industries; price-cost margin; growth rate of demand; fixed cost;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General

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