Glenn Hubbard Paul Klemperer

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During recessions, output prices seem to rise relative to wages and raw-material prices. One explanation is that imperfectly competitive firms compete less aggressively during recessions. That is, markups of price over marginal cost are countercyclical. We present a model of countercyclical markups based on capital-market imperfections. During recessions,(More)
In the isolated bullfrog cornea epithelium, under short-circuit conditions the regulation of the K permeability of the basolateral membrane was studied with conventional and K-selective microelectrodes in Cl-free Ringers. In Cl-free Ringers, the transcellular current is less than 1 microA/cm2, allowing estimation of the basolateral membrane electromotive(More)
Cell K activity, acK, was measured in the short-circuited frog skin by simultaneous cell punctures from the apical surface with open-tip and K-selective microelectrodes. Strict criteria for acceptance of impalements included constancy of the open-tip microelectrode resistance, agreement within 3% of the fractional apical voltage measured with open-tip and(More)
In studies of apical membrane current-voltage relationships, in order to avoid laborious intracellular microelectrode techniques, tight epithelia are commonly exposed to high serosal K concentrations. This approach depends on the assumptions that high serosal K reduces the basolateral membrane resistance and potential to insignificantly low levels, so that(More)
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