Open AccessPosted Content
The Fall of the Labor Share and the Rise of Superstar Firms
TLDR
In this paper, the authors analyzed micro panel data from the U.S. Economic Census since 1982 and international sources and document empirical patterns to assess a new interpretation of the fall in the labor share based on the rise of "superstar firms."Citations
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Protecting Competition in the American Economy: Merger Control, Tech Titans, Labor Markets
TL;DR: The systematic shrinking of the scope of the Sherman Act by the Supreme Court over the past 40 years may make this difficult as mentioned in this paper, and thus it may make it difficult to enforce.
Corporate cost and profit shares in the euro area and the US: the same story?
TL;DR: The authors present evidences of the participación del trabajo, del capital, and de los beneficios in the valor anadido of empresas no financieras of Francia, Alemania, Italia, Espana and Estados Unidos entre 1995 and 2016, tratando de explicar las diferencias entre paises and su evolucion in el tiempo.
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Granular Search, Market Structure, and Wages
TL;DR: This article developed a model where labor market structure affects the division of surplus between firms and workers, and showed that workers are more likely to return to past employers in more concentrated labor markets.
ReportDOI
Tasks, Automation, and the Rise in US Wage Inequality
TL;DR: This paper found that between 50% and 70% of changes in the US wage structure over the last four decades are accounted for by the relative wage declines of worker groups specialized in routine tasks in industries experiencing rapid automation.
Posted Content
Information Technology and Industry Concentration
Abstract: Industry concentration has been rising in the US since 1980. Firm operating margins have also been rising. Are these signs of declining competition that call for a new antitrust policy? This paper explores the role of proprietary information technology systems (IT), which could increase industry concentration and margins by raising the productivity of top firms relative to others. Using instrumental variable estimates, this paper finds that IT system use is strongly associated with the level and growth of industry concentration and firm operating margins. The paper also finds that IT system use is associated with relatively larger establishment size and labor productivity for the top four firms in each industry. Successful IT systems appear to play a major role in the recent increases in industry concentration and in profit margins, moreso than a general decline in competition.
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About Capital in the Twenty-First Century
TL;DR: In this article, the authors present three key facts about income and wealth inequality in the long run emerging from my book, Capital in the Twenty-First Century, and seek to sharpen and refocus the discussion about those trends.
Journal ArticleDOI
The China Syndrome: Local Labor Market Effects of Import Competition in the United States
TL;DR: This paper analyzed the effect of Chinese import competition between 1990 and 2007 on US local labor markets, exploiting cross-market variation in import exposure stemming from initial diffe cerence to US labor markets.
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Industry Structure, Market Rivalry, and Public Policy
TL;DR: In this article, the authors take a critical view of contemporary doctrine in this area and present data which suggest that this doctrine offers a dangerous base upon which to build a public policy toward business.
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Market Size, Trade, and Productivity
TL;DR: In this article, the authors develop a monopolistically competitive model of trade with firm heterogeneity in terms of productivity differences and endogenous differences in the "toughness" of competition across markets.
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Computing Inequality: Have Computers Changed the Labor Market?
TL;DR: The authors examined the effect of technological change and other factors on the relative demand for workers with different education levels and on the recent growth of U.S. educational wage differentials and found that the increase in demand shifts for more-skilled workers in the 1970s and 1980s relative to the 1960s is entirely accounted for by an increase in within- industry changes in skill utilization rather than between-industry employment shifts.