The production-based markup is a residual like the Solow residual, clean in theory but contaminated by misspecification and mismeasurement, which explains why small implementation differences produce starkly different results on whether markups have risen.
Estimating Production Functions Using Inputs to Control for Unobservables
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Micro and Macro Perspectives on Production-Based Markups
The production-based markup is a residual like the Solow residual, clean in theory but contaminated by misspecification and mismeasurement, which explains why small implementation differences produce starkly different results on whether markups have risen.