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Sponsored Design Multi-Agent AI Systems Using MCP and A2A: Engineer your own Pyt Design Multi-Agent AI Systems Using MCP and A2A: Engineer your own Pyt

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M. Morazzoni

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Open access Sep 2026

Heterogeneous Markups Cyclicality and Monetary Policy

This paper studies aggregate markup cyclicality through firm‐level heterogeneity, reallocation, and aggregation. Using the U.S. firm data for 1990–2016, we find that markups are procyclical for young firms and countercyclical for older firms following monetary policy shocks. Economic activity also reallocates modestl...

A. Chiavari, M. Morazzoni, Danila Smirnov · 1 citation

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