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Markups and inflation during the COVID-19 pandemic

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We find that prices and costs for consumer-oriented firms moved roughly one-for-one during the COVID-19 pandemic. This means firms fully passed rising costs through to the prices they charged. However, our results are suggestive, given data limitations and the uncertainty associated with estimating markups.

JEL Code(s): D, D2, D4, E, E2, E3, L, L1

DOI: https://doi.org/10.34989/san-2023-8