A vast literature seeks to measure and explain the apparent decline in the labor share in
national income that has occurred in recent times in the United States and elsewhere. The …

This chapter reviews the new approach to international trade based on firm heterogeneity in
differentiated product markets. This approach explains a variety of features exhibited in …

This paper quantifies employer market power in US manufacturing and how it has changed
over time. Using administrative data, we estimate plant-level markdowns—the ratio between …

Generative artificial intelligence (AI) holds the potential to either complement workers by
enhancing their productivity or substitute them. We examine the short-term effects of the …

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 …

We document the evolution of market power based on firm-level data for the US economy
since 1955. We measure both markups and profitability. In 1980, aggregate markups start to …

We synthesize two related literatures on firm-level drivers of wage inequality. Studies of rent
sharing that use matched worker-firm data find elasticities of wages with respect to value …

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 …

We show that skill requirements in job vacancy postings differentially increased in MSAs that
were hit hard by the Great Recession, relative to less hard-hit areas. These increases persist …

We attempt to understand potential common forces behind rising market concentration and a
slowdown in business dynamism in the US economy, through a micro-founded general …