Quarterly Journal of Economics
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The Rise of Market Power and the Macroeconomic Implications* Abstract
We document the evolution of market power based on firm-level data for the U.S. economy since 1955. We measure both markups and profitability. In 1980, aggregate markups start to rise from 21% above marginal cost to 61% now. The increase is driven mainly by the upper tail of the markup distribution: the upper percentiles have increased sharply. Quite strikingly, the median is unchanged. In addition to the fattening upper tail of the markup distribution, there is reallocation of market share from low- to high-markup firms. This rise occurs mostly within industry. We also find an increase in the average profit rate from 1% to 8%. Although there is also an increase in overhead costs, the markup increase is in excess of overhead. We discuss the macroeconomic implications of an increase in average market power, which can account for a number of secular trends in the past four decades, most notably the declining labor and capital shares as well as the decrease in labor market dynamism.
Quarterly Journal of Economics - Tập 135 Số 2 - Trang 561-644 - 2020
Local Capture: Evidence from a Central Government Transfer Program in Uganda
Quarterly Journal of Economics - Tập 119 Số 2 - Trang 679-705 - 2004
Exposing Corrupt Politicians: The Effects of Brazil's Publicly Released Audits on Electoral Outcomes<sup>*</sup>
Quarterly Journal of Economics - Tập 123 Số 2 - Trang 703-745 - 2008
The Complex Dynamics of the Simple Ricardian System
Quarterly Journal of Economics - Tập 102 Số 4 - Trang 893 - 1987
Distributive Politics and Economic Growth
Quarterly Journal of Economics - Tập 109 Số 2 - Trang 465-490 - 1994
The Short-term Impact of Unconditional Cash Transfers to the Poor: Experimental Evidence from Kenya* Abstract
We use a randomized controlled trial to study the response of poor households in rural Kenya to unconditional cash transfers from the NGO GiveDirectly. The transfers differ from other programs in that they are explicitly unconditional, large, and concentrated in time. We randomized at both the village and household levels; furthermore, within the treatment group, we randomized recipient gender (wife versus husband), transfer timing (lump-sum transfer versus monthly installments), and transfer magnitude (US$404 PPP versus US$1,525 PPP). We find a strong consumption response to transfers, with an increase in household monthly consumption from $158 PPP to $193 PPP nine months after the transfer began. Transfer recipients experience large increases in psychological well-being. We find no overall effect on levels of the stress hormone cortisol, although there are differences across some subgroups. Monthly transfers are more likely than lump-sum transfers to improve food security, whereas lump-sum transfers are more likely to be spent on durables, suggesting that households face savings and credit constraints. Together, these results suggest that unconditional cash transfers have significant impacts on economic outcomes and psychological well-being.
Quarterly Journal of Economics - Tập 131 Số 4 - Trang 1973-2042 - 2016
A Reformulation of the Economic Theory of Fertility
Quarterly Journal of Economics - Tập 103 Số 1 - Trang 1 - 1988
Bandwagon, Snob, and Veblen Effects in the Theory of Consumers' Demand
Quarterly Journal of Economics - Tập 64 Số 2 - Trang 183 - 1950
Efficient and Inefficient Sales of Corporate Control
Quarterly Journal of Economics - Tập 109 Số 4 - Trang 957-993 - 1994
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