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Author Diez, Federico.
Title Global Market Power and Its Macroeconomic Implications.
Imprint Washington, D.C. : International Monetary Fund, 2018.

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Author Diez, Federico.
Series IMF Working Papers
IMF Working Papers; Working Paper ; no. 18/137.
Alt Name Leigh, Daniel.
Tambunlertchai, Suchanan.
Description 1 online resource (43 pages)
Note Print version record.
Contents Cover; Contents; ABSTRACT; I. INTRODUCTION; II. EVOLUTION OF MARKUPS; A. Specification and data; B. Markups in the United States; C. Markups in 74 economies; D. Markups and Market Power; III. MACROECONOMIC IMPLICATIONS; A. Investment and Innovation; B. Extensions; IV. CONCLUSION; REFERENCES; FIGURES; 1. United States: Evolution of Estimated Markups; 2. U.S. Firms: Markups in 2016 vs. 1980 by Economic Sector; 3. U.S. Firms: Distribution of Markups, 1980 and 2016.; 4. Estimates of Output Elasticity Over Time; 5. Estimated Markups for U.S. Firms: Baseline and Alternative Approach.
6. Evolution of Estimated Markups Across Economies7. Firms in 31 Other AEs: Distribution of Markups, 1980 and 2016.; 8. Investment Rate vs. Markup and Market Concentration. Estimation Results for U.S. Firms; 9. Estimated Markup Coefficient vs. Market Concentration; 10. Estimated Contribution of Markups to Investment Rate; 11. Investment Rate vs. Markup by Distance to Technology Frontier; TABLES; 1. Relation Between Markup and Other Measures of Market Power; 2. U.S. Firm-level Investment Rate Equation Estimates; 3. U.S. Firm-level R & D Rate Equation Estimates.
4. U.S. Firm-level Labor Share Equation Estimates5. U.S. Firm-level Labor Share Equation Estimates; 6. Firm-level Equation Estimates for the United States and Other AEs; APPENDIX TABLES.
Summary We estimate the evolution of markups of publicly traded firms in 74 economies from 1980-2016. In advanced economies, markups have increased by an average of 39 percent since 1980. The increase is broad-based across industries and countries, and driven by the highest markup firms in each economic sector. For emerging markets and developing economies, there is less evidence of a rise in markups. We find a positive relation between firm markups and other indicators of market power, such as profits or industry concentration. Focusing on advanced economies, we investigate the relation between markups and investment, innovation, and the labor share at the firm level. We find evidence of a non-monotonic relation, with higher markups being correlated initially with increasing and then with decreasing investment and innovation rates. This non-monotonicity is more pronounced for firms that are closer to the technological frontier. More concentrated industries also feature a more negative relation between markups and investment and innovation. The association between markups and the labor share is generally negative.
ISBN 9781484363553
ISBN/ISSN 10.5089/9781484361672.001
OCLC # 1046608250
Additional Format Print version: Diez, Federico. Global Market Power and Its Macroeconomic Implications. Washington, D.C. : International Monetary Fund, 2018 9781484361672

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