This paper examines the impact of trade liberalization on firms' product and labor market power. We estimate the prevalence and intensity of firm-level price-cost markups and either wage markups or wage markdowns. We take the dependence between these model-consistent measures of product and...

Does regulation affect the pace and nature of innovation and if so, by how much? We build a tractable and quantifiable endogenous growth model with size-contingent regulations. We apply this to population administrative firm panel data from France, where many labor regulations apply to firms...

To examine the drivers of innovation, this paper studies the global R and D effort to fight the deadliest diseases and presents four results. We find: (1) global pharmaceutical R and D activity-measured by clinical trials-typically follows the 'law of diminishing effort': id est the elasticity...