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Cited by 761

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 access
De Loecker, Jan, Eeckhout, Jan·2017·National Bureau of Economic Research
DOI 10.3386/w23687
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Abstract

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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Metadata

Authors
De Loecker, J., & Eeckhout, J.
Venue
National Bureau of Economic Research
Publisher
National Bureau of Economic Research
Published
2017-08
DOI
10.3386/w23687
OpenAlex
W2750203243
Cited by
761
References
9
Type
report
Language
en
Open access
green

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