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Quantifying Market Power and Business Dynamism in the Macroeconomy

De Loecker, Jan; Eeckhout, Jan; Mongey, Simon - National Bureau of Economic Research - 2021

We propose a general equilibrium economy with oligopolistic output markets in which two channels can cause a change in market power: (i) technology, via changes to productivity shocks and the cost of entry, (ii) market structure, via changes to the number of potential competitors. First, we...

Persistent link: https://www.econbiz.de/10012533310

A Tale of Two Networks : Common Ownership and Product Market Rivalry

Ederer, Florian; Pellegrino, Bruno - National Bureau of Economic Research - 2022

general equilibrium model with a hedonic demand system in which firms compete in a network game of oligopoly. Firms are …

Persistent link: https://www.econbiz.de/10013191098

Voting Choice

Malenko, Andrey; Malenko, Nadya - National Bureau of Economic Research - 2023

Traditionally, fund managers cast votes on behalf of investors whose capital they manage. Recently, this system has … come under intense debate given the growing concentration of voting power among a few asset managers and disagreements over … environmental and social issues. Major fund managers now offer their investors a choice: delegate their votes to the fund or cast …

Persistent link: https://www.econbiz.de/10014337868

Estimating Discrete Games with Many Firms and Many Decisions : An Application to Merger and Product Variety

Fan, Ying; Yang, Chenyu - National Bureau of Economic Research - 2022

This paper presents a new method for estimating discrete games based on bounds of conditional choice probabilities. The method does not require solving the game and is scalable to models with many firms and many discrete decisions. We apply the method to study merger effects on firm entry and...

Persistent link: https://www.econbiz.de/10013334365

Incorporating Theory-Consistent Endogenous Markups into Applied General-Equilibrium Models

Markusen, James R. - National Bureau of Economic Research - 2023

-level productivity and scale effects. I show here that the incorporation of theory-based endogenous markups into AGE models is not …

Persistent link: https://www.econbiz.de/10014250198

When Can Benefit Cost Analyses Ignore Secondary Markets?

Kotchen, Matthew J.; Levinson, Arik - National Bureau of Economic Research - 2022

We make four main contributions in this paper related to the theory and practice of benefit cost analysis (BCA). First …

Persistent link: https://www.econbiz.de/10013172111

Welfare Assessments with Heterogeneous Individuals

Dávila, Eduardo; Schaab, Andreas - National Bureau of Economic Research - 2022

This paper develops a new approach to make welfare assessments based on the notion of Dynamic Stochastic weights (DS-weights for short). For a large class of dynamic stochastic economies with heterogeneous individuals, we introduce an aggregate additive decomposition that satisfies desirable...

Persistent link: https://www.econbiz.de/10013435133

Beware the Side Effects : Capital Controls, Trade, Misallocation and Welfare

Andreasen, Eugenia; Bauducco, Sofía; Dardati, Evangelina; … - National Bureau of Economic Research - 2023

We show that capital controls have large adverse effects on misallocation, exports and welfare using a dynamic Melitz-OLG model with heterogeneous firms, monopolistic competition, endogenous trade participation and collateral constraints. Static effects increase misallocation by reducing...

Persistent link: https://www.econbiz.de/10014226160

Choosing Who Chooses : Selection-Driven Targeting in Energy Rebate Programs

Ida, Takanori; Ishihara, Takunori; Ito, Koichiro; Kido, … - National Bureau of Economic Research - 2022

We develop an optimal policy assignment rule that integrates two distinctive approaches commonly used in economics--targeting by observables and targeting through self-selection. Our method can be used with experimental or quasi-experimental data to identify who should be treated, be untreated,...

Persistent link: https://www.econbiz.de/10013388825

Optimal Gradualism

Lehr, Nils H.; Restrepo, Pascual - National Bureau of Economic Research - 2022

This paper studies how gradualism affects the welfare gains from trade, technology, and reforms. When people face adjustment frictions, gradual shocks create less adverse distributional effects in the short run. We show that there are welfare gains from inducing a more gradual transition via...

Persistent link: https://www.econbiz.de/10013477247