Empirical trends in markups and market power: implications for productivity and growth
Empirical trends in markups and market power: their implications for productivity and growth
Speakers
Reinhilde Veugelers
Bruegel Senior fellow
Jan De Loecker
Professor, KU Leuven and Research Professor, Research Council (FWO),
Chiara Criscuolo
Head of Division, Productivity and Business Dynamics, OECD
Jeffrey Franks
Director, IMF Europe Office,
Fabien Curto Millet
Director of economics, Google,
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Presentation by Jan de Loecker Presentation by Chiara Criscuolo
Markups measure how much higher prices of output goods are relative to their marginal production costs. In other words, they measure the margin of revenue over variable costs. Recent literature, starting with De Loecker and Eeckhout (2018), reports that markups have substantially increased since 1980.
At this event we reviewed the available empirical evidence on markups and investigate the implications for market concentration, market power, productivity, and economic growth.
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