Foundations of market power in monetary economies
研究货币经济中企业市场势力的来源，分析搜索摩擦、货币政策和自我实现信念如何影响市场势力指标（如加价、集中度），并探讨名义利率变动通过改变消费者支付能力和外部选择价值来影响市场势力。
We study the foundations of firms' market power in a continuous-time model where agents are price-makers who interact explicitly with each other. Market power arises from the existence of rents, the size of which depends on consumers' outside options, and firms' ability to appropriate these rents through rent seeking. We study how measures of market power (e.g., markups, concentration) are affected by search frictions, monetary policy, and self-fulfilling beliefs. An increase in the nominal interest rate affects market power by changing consumers' payment capacity and the value of their outside options, and by altering firms' rent-seeking behavior.