Macroeconomics and Market Power: Context, Implications, and Open Questions
评估近期宏观经济市场势力研究，涵盖定义与测量、会计数据估算加成率、加成率与价格成本利润的理论联系，以及市场势力对投资率和劳动份额影响的矛盾证据，并指出宏观与微观证据的异同及待解问题。
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 to estimate markups; the quantitative implications of theoretical connections among markups, prices, costs, scale elasticities, and profits; and conflicting evidence on whether greater market power has led to lower investment rates and a lower labor share of income. Throughout this discussion, I characterize the congruencies and incongruencies between macro evidence and micro views of market power and, when they do not perfectly overlap, explain the open questions that need to be answered to make the connection complete.