{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,9,10]],"date-time":"2026-09-10T01:40:22Z","timestamp":1789004422507,"version":"build-2803163510"},"reference-count":68,"publisher":"The Econometric Society","issue":"1","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["ECTA"],"abstract":"<jats:p>Macroeconomic outcomes depend on the distribution of markups across firms and over time, making firm\u2010level markup estimates key for macroeconomic analysis. Methods to obtain these estimates require data on the prices that firms charge. Firm\u2010level data with wide coverage, however, primarily come from financial statements, which lack information on prices. We use an analytical framework to show that trends in markups over time or the dispersion of markups across firms can still be well\u2010measured with such data. Measuring the average level of the markup does require pricing data, and we propose a consistent estimator for such settings. We validate the analytical results using simulations of a quantitative macroeconomic model and offer supporting evidence from firm\u2010level administrative production and pricing data. Our analysis supports the use of financial data to measure trends in aggregate markups.<\/jats:p>","DOI":"10.3982\/ecta22733","type":"journal-article","created":{"date-parts":[[2026,2,2]],"date-time":"2026-02-02T11:57:08Z","timestamp":1770033428000},"page":"137-168","source":"Crossref","is-referenced-by-count":21,"title":["The Hitchhiker's Guide to Markup Estimation: Assessing Estimates From Financial Data"],"prefix":"10.3982","volume":"94","author":[{"given":"Maarten","family":"De Ridder","sequence":"first","affiliation":[{"name":"Department of Economics, London School of Economics"},{"name":"CFM"},{"name":"POID"},{"name":"CEPR"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Basile","family":"Grassi","sequence":"additional","affiliation":[{"name":"Department of Economics, Bocconi University"},{"name":"IGIER"},{"name":"OFCE"},{"name":"CEPR"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Giovanni","family":"Morzenti","sequence":"additional","affiliation":[{"name":"Analysis Group"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"2359","published-online":{"date-parts":[[2026]]},"reference":[{"key":"ecta200840-bib-0001","volume":"105463","author":"Ackerberg","year":"2023","journal-title":"Journal of Econometrics"},{"key":"ecta200840-bib-0002","unstructured":"Ackerberg, Daniel A. and Jan De Loecker (2024), \u201cProduction Function Identification Under Imperfect Competition.\u201d CEPR Discussion Paper No. 19640."},{"issue":"6","key":"ecta200840-bib-0003","doi-asserted-by":"crossref","first-page":"2411","DOI":"10.3982\/ECTA13408","volume":"83","author":"Ackerberg","year":"2015","journal-title":"Econometrica"},{"key":"ecta200840-bib-0004","unstructured":"Aghion, Philippe, Antonin Bergeaud, Timo Boppart, Peter Klenow, and Huiyu Li (2022), \u201cGood Rents versus Bad Rents: r&d Misallocation and Growth.\u201d NBER Working Paper 34190."},{"issue":"2","key":"ecta200840-bib-0005","doi-asserted-by":"crossref","first-page":"277","DOI":"10.2307\/2297968","volume":"58","author":"Arellano","year":"1991","journal-title":"The Review of Economic Studies"},{"key":"ecta200840-bib-0006","doi-asserted-by":"crossref","unstructured":"Atalay, Enghin, Erika Frost, Alan T. 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