Does inflation vary across the income distribution? This article reviews the growing literature
on inflation inequality, describing recent advances and opportunities for further research in …

In this article, we introduce an empirical framework to analyze how firm performance is
affected by increased globalization. Using this framework, we discuss recent work on …

American markets, once a model for the world, are giving up on competition. Thomas
Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by …

The US-China trade war created net export opportunities rather than simply shifting trade
across destinations. Many “bystander” countries grew their exports of taxed products into the …

We examine conventional approaches to evaluating the economic impact of protectionist
trade policies. We illustrate these conventional approaches by applying them to the tariffs …

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 …

The US business sector has under-invested relative to Tobin's Q since the early 2000's. We
argue that declining competition is partly responsible for this phenomenon. We use a …

We study the evolution of profits, investment, and market shares in US industries over the
past 40 years. During the 1990s, and at low levels of initial concentration, we find evidence …

Since the late 1990s, over 75% of US industries have experienced an increase in
concentration levels. We find that firms in industries with the largest increases in product …

Between 1990 and 2008, air pollution emissions from US manufacturing fell by 60 percent
despite a substantial increase in manufacturing output. We show that these emissions …