NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Global Market Power

Jan De Loecker, Jan Eeckhout

NBER Working Paper No. 24768
Issued in June 2018
NBER Program(s):Industrial Organization Program, Productivity, Innovation, and Entrepreneurship Program

To date, little is known about the evolution of market power for the economies around the world. We extract data from the financial statements of over 70,000 firms in 134 countries, and we analyze and document the evolution of markups over the last four decades. We show that the average global markup has gone up from close to 1.1 in 1980 to around 1.6 in 2016. Markups have risen most in North America and Europe, and least in emerging economies in Latin America and Asia. We discuss the distributional implications of the rise in global market power for the labor share and for the profit share.

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Document Object Identifier (DOI): 10.3386/w24768

 
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