This paper reviews research that uses longitudinal microdata to document productivity
movements and to examine factors behind productivity growth. The research explores the …

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 …

This paper quantifies employer market power in US manufacturing and how it has changed
over time. Using administrative data, we estimate plant-level markdowns—the ratio between …

This paper examines some of the recent literature on the estimation of production functions.
We focus on techniques suggested in two recent papers, Olley and Pakes (1996) and …

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 …

The elasticity of substitution between capital and labor and, in turn, the direction of technical
change are critical parameters in many fields of economics. Until recently, though, the …

The book takes a broad view of the subject matter of acroeconomics. A substantial portion of
the book is devoted to economic growth, and separate chapters are devoted to the natural …

I develop and estimate a monetary business cycle model with nominal loans and collateral
constraints tied to housing values. Demand shocks move housing and nominal prices in the …

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 …

We quantify the amount of spatial misallocation of labor across US cities and its aggregate
costs. Misallocation arises because high productivity cities like New York and the San …