Macroeconomics and Market Power
Context, Implications, and Open Questions
Bibliographic Data
| ID | 4029004 |
|---|---|
| Authors | Chad Syverson (0009-0007-7504-7283, Chad Syverson is Eli B. and Harriet B. Williams Professor of Economics, University of Chicago Booth School of Business, Chicago, Illinois. He is also a Research Associate, National Bureau of Economic Research, Cambridge, Massachusetts., corresponding author) |
| Year | 2019 |
| Volume | 33 |
| Issue | 3 |
| Pages | 23-43 |
| Publication date | 2019-08-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic Perspectives (JOURNAL) |
| Journal identifiers | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/jep.33.3.23 |
| OpenAlex | W2964779650 |
| Language | EN |
| Citations received | 24 |
| References cited | 14 |
This article assesses several aspects of recent macroeconomic market power research. These include the ways market power is defined and measured; the use of accounting data to estimate markups; the quantitative implications of theoretical connections among markups, prices, costs, scale elasticities, and profits; and conflicting evidence on whether greater market power has led to lower investment rates and a lower labor share of income. Throughout this discussion, I characterize the congruencies and incongruencies between macro evidence and micro views of market power and, when they do not perfectly overlap, explain the open questions that need to be answered to make the connection complete
Economics · Financial economics · Macro · Macroeconomics · Market power · Microeconomics · Economic Theory and Institutions · Market Dynamics and Volatility · Monetary Policy and Economic Impact
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Price-Cost Margins, Fixed Costs and Excess Profits
Consumption zones
Markups and Concentration in the Context of Digitization
Publishing Concentration in Spain
Increasing market power in Slovenia
The pro‐competitive effects of foreign firm entry
Productivity, markups, and reallocation
Measuring market power
Markup Dispersion and Firm Entry
Innovation, market power and the labour share
Market power, economies of scale and total factor productivity (TFP) growth
Product and labour market imperfections in the Italian manufacturing sector
Competition Policy and Achieving Sustainable Development Goal 1 (No Poverty)
Endogenous Firm Competition and the Cyclicality of Markups
Economic geography I
Monopsony in Labor Markets
Physical vs. institutional public goods provision
Monopsony power in the United States
Productivity dispersion, wage dispersion and superstar firms
Market concentration and the relative demand for college‐educated labour
Markups and Financial Shocks
The Supreme Court and the Dynamics of Democratic Backsliding
Organized Labor, Labor Market Imperfections, and Employer Wage Premia
Reallocation, Firm Turnover, and Efficiency
Market Size, Trade, and Productivity
The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity
Product Substitutability and Productivity Dispersion
The Relation between Price and Marginal Cost in U.S. Industry
Globalization, Markups, and US Welfare
Market Structure and Productivity
E‐Commerce and the Market Structure of Retail Industries
The Ongoing Evolution of US Retail
| Unique citing works | 24 |
|---|---|
| Citations per year | 4 |
| Citation span | 2020 - 2026 (7) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 24 |