Quarterly Journal of Economics
Công bố khoa học tiêu biểu
* Dữ liệu chỉ mang tính chất tham khảo
Sắp xếp:
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
The Economic Consequences of Parental Leave Mandates: Lessons from Europe
Quarterly Journal of Economics - Tập 113 Số 1 - Trang 285-317 - 1998
Permanent and Transitory Components of GNP and Stock Prices
Quarterly Journal of Economics - Tập 109 Số 1 - Trang 241-265 - 1994
The Firm as a Dedicated Hierarchy: A Theory of the Origins and Growth of Firms
Quarterly Journal of Economics - Tập 116 Số 3 - Trang 805-851 - 2001
Satisficing, Selection, and The Innovating Remnant
Quarterly Journal of Economics - Tập 85 Số 2 - Trang 237 - 1971
Signaling Games and Stable Equilibria
Quarterly Journal of Economics - Tập 102 Số 2 - Trang 179 - 1987
Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior
Quarterly Journal of Economics - Tập 104 Số 4 - Trang 655 - 1989
The Employment Effects of Credit Market Disruptions: Firm-level Evidence from the 2008–9 Financial Crisis *Abstract
This article investigates the effect of bank lending frictions on employment outcomes. I construct a new data set that combines information on banking relationships and employment at 2,000 nonfinancial firms during the 2008–9 crisis. The article first verifies empirically the importance of banking relationships, which imply a cost to borrowers who switch lenders. I then use the dispersion in lender health following the Lehman crisis as a source of exogenous variation in the availability of credit to borrowers. I find that credit matters. Firms that had precrisis relationships with less healthy lenders had a lower likelihood of obtaining a loan following the Lehman bankruptcy, paid a higher interest rate if they did borrow, and reduced employment by more compared to precrisis clients of healthier lenders. Consistent with frictions deriving from asymmetric information, the effects vary by firm type. Lender health has an economically and statistically significant effect on employment at small and medium firms, but the data cannot reject the hypothesis of no effect at the largest or most transparent firms. Abstracting from general equilibrium effects, I find that the withdrawal of credit accounts for between one-third and one-half of the employment decline at small and medium firms in the sample in the year following the Lehman bankruptcy.
Quarterly Journal of Economics - Tập 129 Số 1 - Trang 1-59 - 2014
Convergence to the Law of One Price Without Trade Barriers or Currency Fluctuations
Quarterly Journal of Economics - Tập 111 Số 4 - Trang 1211-1236 - 1996
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