The DOI matches its Crossref record; 9 of the 9 references it cites were found in a registry or an index.
The Rise of Market Power and the Macroeconomic Implications
Open accessAbstract
We document the evolution of markups based on firm-level data for the US economy since 1950.Initially, markups are stable, even slightly decreasing.In 1980, average markups start to rise from 18% above marginal cost to 67% now.There is no strong pattern across industries, though markups tend to be higher, across all sectors of the economy, in smaller firms and most of the increase is due to an increase within industry.We do see a notable change in the distribution of markups with the increase exclusively due to a sharp increase in high markup firms.We then evaluate the macroeconomic implications of an increase in average market power, which can account for a number of secular trends in the last 3 decades: 1. decrease in labor share, 2. increase in capital share, 3. decrease in low skill wages, 4. decrease in labor force participation, 5. decrease in labor flows, 6. decrease in migration rates, 7. slowdown in aggregate output.
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The productivity paradox of information technology
Brynjolfsson, E. (1993) · Communications of the ACM · doi:10.1145/163298.163309 · Cited by 2,604
The Fall of the Labor Share and the Rise of Superstar Firms*
Autor, D., Dorn, D., Katz, L. F., Patterson, C., & Van Reenen, J. (2020) · The Quarterly Journal of Economics · doi:10.1093/qje/qjaa004 · Cited by 2,206
Gollin, D. (2002) · Journal of Political Economy · doi:10.1086/338747 · Cited by 1,977
“Productivity and Misallocation in General Equilibrium”
Baqaee, D. R., & Farhi, E. (2020) · The Quarterly Journal of Economics · doi:10.1093/qje/qjz030 · Cited by 648
Deciphering the Fall and Rise in the Net Capital Share: Accumulation or Scarcity?
Rognlie, M. (2016) · Brookings Papers on Economic Activity · doi:10.1353/eca.2016.0002 · Cited by 390
De Loecker, J., & Eeckhout, J. (2018) · doi:10.3386/w24768 · Cited by 308
Hall, R. (2018) · National Bureau of Economic Research · doi:10.3386/w24574 · Cited by 167
“The Cyclicality of Productivity Dispersion”
Kehrig, M. (2011) · doi:10.2139/ssrn.1787761 · Cited by 107
“Accounting for Factorless Income”
Karabarbounis, L., & Neiman, B. (2018) · doi:10.3386/w24404 · Cited by 48
Cited by
The Fall of the Labor Share and the Rise of Superstar Firms*
Autor, D., Dorn, D., Katz, L. F., Patterson, C., & Van Reenen, J. (2020) · The Quarterly Journal of Economics · doi:10.1093/qje/qjaa004 · Cited by 2,206
Fajgelbaum, P. D., Goldberg, P. K., Kennedy, P. J., & Khandelwal, A. K. (2020) · The Quarterly Journal of Economics · doi:10.1093/qje/qjz036 · Cited by 1,030
“Productivity and Misallocation in General Equilibrium”
Baqaee, D. R., & Farhi, E. (2020) · The Quarterly Journal of Economics · doi:10.1093/qje/qjz030 · Cited by 648
De Loecker, J., & Eeckhout, J. (2018) · doi:10.3386/w24768 · Cited by 308
“Capitalists in the Twenty-First Century”
Smith, M., Yagan, D., Zidar, O., & Zwick, E. (2019) · The Quarterly Journal of Economics · doi:10.1093/qje/qjz020 · Cited by 263
Metadata
- Authors
- De Loecker, J., & Eeckhout, J.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2017-08
- OpenAlex
- W2750203243
- Cited by
- 761
- References
- 9
- Type
- report
- Language
- en
- Open access
- green
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