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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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Essays in Financial Economics
TL;DR: In this paper, a simple portfolio optimization model was designed in which agents update volatility estimates with the RiskMetrics formula, which has the advantage of providing a simple formula to estimate the volatility of any financial asset.
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Are European firms falling behind in the global corporate research race
TL;DR: In this article, the authors show that in most sectors there is a high degree of concentration among a few top companies in research and development spending and that the US and China are more likely to produce new R&D leaders that take over some of the top positions from incumbent companies.
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Asset bubbles and product market competition
TL;DR: The authors studied the effects of rational bubbles in an economy characterized by imperfect competition in product markets and provided two main insights: 1) firms restrict output and investment to enjoy supernormal profits and 2) by providing a production or entry subsidy, asset bubbles may have a procompetitive effect and force firms to expand and cut profit margins.
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Rising Concentration and Wage Inequality
TL;DR: In this paper, the authors show that shocks that increase concentration, such as an increase in consumers' price sensitivity, will also lead to an increased increase in wage dispersion between firms, and that there is a positive and statistically significant correlation between concentration and the dispersion of firm-level wages.
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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.
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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.