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040			_aES-MaIEF _bspa _cES-MaIEF
245	0	0	_aPrice-cost margins, fixed costs and excess profits _c Filip Abraham ... [et al.]
504			_aBibliografía
520			_aThis paper provides a new method to estimate price-cost margins in the presence of fixed costs of production. By exploiting properties of the primal and dual sales-based and cost-based Solow residuals, we are able to simultaneously estimate price-cost margins and the share of fixed costs in total costs for each input. Ignoring fixed costs in production underestimates price-cost margins and overestimates excess profit shares. Using a thirty-year panel of Belgian firms, we estimate price-cost margins, as a fraction of sales, of 25.4% on average, which can be decomposed between fixed costs of 22.9% and excess profits of 2.5%. Belgian price-cost margins have declined (−5.9%) in the past three decades due to a combination of falling fixed costs (−4.0%) and decreasing excess profits (−1.9%), suggesting that output markets have become even more competitive over time. While large firms have higher profit shares than small firms, they have lower fixed cost shares as well as lower price-cost margins.
650		4	_948552 _aTEORIA ECONOMICA
650		4	_947868 _aOLIGOPOLIOS
650		4	_947661 _aMACROECONOMIA
650		4	_947904 _aORGANIZACION INDUSTRIAL
700	1		_972357 _aAbraham, Filip
773	0		_9172703 _oOP 282/2024/663 _tThe Economic Journal _w(IEF)330 _x 0013-0133 [papel] _g v. 134, n. 663, October 2024, p. 2655-2684.
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