A vast literature seeks to measure and explain the apparent decline in the labor share in
national income that has occurred in recent times in the United States and elsewhere. The …

We document that between 50% and 70% of changes in the US wage structure over the last
four decades are accounted for by relative wage declines of worker groups specialized in …

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 …

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 …

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 …

In this paper, we review the literature on declining business dynamism and its implications in
the United States and propose a unifying theory to analyze the symptoms and the potential …

We study the welfare costs of markups in a dynamic model with heterogeneous firms and
endogenous markups. We provide aggregation results summarizing the macro implications …

We study the evolution of profits, investment, and market shares in US industries over the
past 40 years. During the 1990s, and at low levels of initial concentration, we find evidence …

Growth has fallen in the US amid a rise in firm concentration. Market share has shifted to low
labour share firms, while within-firm labour shares have actually risen. We propose a theory …

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 …