The cyclicality of mark-ups and profit margins: some evidence for manufacturing and services

Quarterly Bulletin 1998 Q3
Published on 01 September 1998

By Ian Small of the Bank’s Structural Economic Analysis Division.

Movements in mark-ups and margins are important because of their effect on prices: pro-cyclical changes might suggest that price pressures increase during recovery periods and decrease during recessions. The article presents some empirical evidence that suggests that mark-ups and profit margins do both move pro-cyclically.

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