Market Power and Innovation in the Intangible Economy
用统一框架解释生产率增长放缓、商业活力下降和市场势力上升，发现软件等无形投入的兴起是主因，基于法国和美国微观数据估计模型，验证了1990年代中期以来的趋势。
This paper offers a unified explanation for the slowdown of productivity growth, the decline in business dynamism, and the rise of market power. Using a quantitative framework, I show that the rise of intangible inputs, such as software, can explain these trends. Intangibles reduce marginal costs and raise fixed costs, which gives firms with high-intangible adoption a competitive advantage, in turn deterring other firms from entering. I structurally estimate the model on French and US micro data. After initially boosting productivity, the rise of intangibles causes a decline in productivity growth, consistent with the empirical trends observed since the mid-1990s.