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@@ -89,6 +89,17 @@ <h2>Working Papers</h2>
 
 
 
+    <a href="#" target="_blank">Markups over the Firm Life Cycle</a>, with
+        <a href="https://www.klaus-adam.com/" target="_blank">Klaus Adam</a> and 
+        <a href="https://gabrielzuellig.ch/" target="_blank">Gabriel Züllig</a>.
+    November 2023.
+
+
+   	<p style="margin-left:6px">Abstract: We estimate the dynamics of relative markups, marginal costs and prices over the firm life cycle using detailed firm data from Denmark. Marginal costs fall by about 20% over the first 15 years of firms' life, while prices fall only weakly by about 5%, resulting in a 15pp increase in markups. About one third of the decrease in marginal cost over the firm age is explained by movements in productivity, with the remainder being due to non-homotheticities and increasing returns in the production function. We show that markups increase following the introduction of new products and the discontinuation of old products, suggesting that product turnover is important driver of markup dynamics at the firm level.</p>
+
+
+	</p>
+
     <a href="#" target="_blank">Firm Dynamics and the Rise in Danish Firms' Cash Holdings</a>, with
         Simone Bonin.
     August 2022.
@@ -115,16 +126,6 @@ <h2>Work in Progress</h2>
 
 
 
-	</p>
-
-    Markups over the Firm Life Cycle, with
-        <a href="https://www.klaus-adam.com/" target="_blank">Klaus Adam</a> and 
-        <a href="https://gabrielzuellig.ch/" target="_blank">Gabriel Züllig</a>.
-
-
-
-
-
 	</p>
 
     Prices and Demand Shocks: Micro Evidence and Aggregate Implications, with