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[HTML][HTML] Artificial intelligence, firm growth, and product innovation
We study the use and economic impact of AI technologies. We propose a new measure of
firm-level AI investments using employee resumes. Our measure reveals a stark increase in …
firm-level AI investments using employee resumes. Our measure reveals a stark increase in …
The rise of market power and the macroeconomic implications
We document the evolution of market power based on firm-level data for the US economy
since 1955. We measure both markups and profitability. In 1980, aggregate markups start to …
since 1955. We measure both markups and profitability. In 1980, aggregate markups start to …
Financial heterogeneity and the investment channel of monetary policy
We study the role of financial frictions and firm heterogeneity in determining the investment
channel of monetary policy. Empirically, we find that firms with low default risk—those with …
channel of monetary policy. Empirically, we find that firms with low default risk—those with …
Market power and innovation in the intangible economy
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 …
business dynamism, and the rise of market power. Using a quantitative framework, I show …
Declining Competition and Investment in the US
G Gutiérrez, T Philippon - 2017 - nber.org
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 …
argue that declining competition is partly responsible for this phenomenon. We use a …
The declining worker power hypothesis: An explanation for the recent evolution of the American economy
A Stansbury, LH Summers - 2020 - nber.org
Rising profitability and market valuations of US businesses, sluggish wage growth and a
declining labor share of income, and reduced unemployment and inflation, have defined the …
declining labor share of income, and reduced unemployment and inflation, have defined the …
Investment-less growth: An empirical investigation
G Gutiérrez, T Philippon - 2016 - nber.org
We analyze private fixed investment in the US over the past 30 years. We show that
investment is weak relative to measures of profitability and valuation–particularly Tobin's Q …
investment is weak relative to measures of profitability and valuation–particularly Tobin's Q …
The role of entrepreneurship in US job creation and economic dynamism
An optimal pace of business dynamics—encompassing the processes of entry, exit,
expansion, and contraction—would balance the benefits of productivity and economic …
expansion, and contraction—would balance the benefits of productivity and economic …
Fluctuations in uncertainty
Uncertainty is an amorphous concept. It reflects uncertainty in the minds of consumers,
managers, and policymakers about possible futures. It is also a broad concept, including …
managers, and policymakers about possible futures. It is also a broad concept, including …
Supply chain disruptions: Evidence from the great east japan earthquake
Exploiting the exogenous and regional nature of the Great East Japan Earthquake of 2011,
this article provides a quantification of the role of input-output linkages as a mechanism for …
this article provides a quantification of the role of input-output linkages as a mechanism for …