The question of whether and how partial common-ownership links between strategically
interacting firms affect firm objectives and behavior has been the subject of theoretical …

The fall of labor's share of GDP in the United States and many other countries in recent
decades is well documented but its causes remain uncertain. Existing empirical …

Big data is changing every corner of economics and finance. The largest firms in the US
economy are valued chiefly for their data. Yet, these data are largely excluded from …

American markets, once a model for the world, are giving up on competition. Thomas
Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by …

Intangible assets are a large and growing part of firms' capital stocks. Intangibles are
accumulated via investment—foregoing consumption today for output in the future—but they …

This paper develops a general theory of aggregation in inefficient economies. We provide
nonparametric formulas for aggregating microeconomic shocks in economies with …

This paper presents direct measures of capital costs, equal to the product of the required
rate of return on capital and the value of the capital stock. The capital share, equal to the …

The US business sector has under-invested relative to Tobin's Q since the early 2000's. We
argue that declining competition is partly responsible for this phenomenon. We use a …

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 …

Many natural competitors are jointly held by a small set of large institutional investors. In the
US airline industry, taking common ownership into account implies increases in market …