Markups and Inequality

We thank Federico Kochen for superb research assistance, our discussants Salome Baslandze, Paco Buera, Basile Grassi for insightful feedback, as well as Adrien Auclert, Jess Benhabib, Mariacristina De Nardi, Mark Gertler, Mike Golosov, Oleg Itskhoki, Benjamin Moll, Gianluca Violante, Ludwig Straub and seminar participants at Barcelona GSE Forum, Boston University, Cleveland Fed, Copenhagen, Duke, Dutch National Bank Conference on Inequality, ERMAS, Harvard, Ischia Conference on Frontiers of Macroeconomics, Madrid Conference on Firm Dynamics and Macroeconomics, Minneapolis Fed, National Bank of Romania, NBER Summer Institute, NYU, OSU, Penn, Philadelphia Fed, Princeton, Rochester, Rome Conference on Macroeconomics, Sciences Po, SED, SITE, St Louis Conference on Macroeconomics of Inequality, Stony Brook and Warwick Conference on Inequality for valuable comments. We gratefully acknowledge support from the National Science Foundation, Grant SES-1948119. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• June 12, 2019