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Sales and markup dispersion : theory and empirics

Mrázová, Monika; Neary, J. Peter; Parenti, Mathieu - 2018

We derive exact conditions relating the distributions of firm productivity, sales, output, and markups to the form of demand in monopolistic competition. Applications include a new “CREMR” demand function (Constant Revenue Elasticity of Marginal Revenue): it is necessary and sufficient for...

Persistent link: https://www.econbiz.de/10011955531

Balanced growth despite Uzawa

Grossman, Gene M.; Helpman, Elhanan; Oberfield, Ezra; … - 2016

Evidence for the United States suggests balanced growth despite falling investment-good prices and less than unitary elasticity of substitution between capital and labor. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawa.s theorem to show that introducing human capital...

Persistent link: https://www.econbiz.de/10011434429

International protection of intellectual property

Grossman, Gene M.; Lai, Edwin L.-C. - 2002

We study the incentives that governments have to protect intellectual property in a trading world economy. We consider a world economy with ongoing innovation in two countries that differ in market size and in their capacities for innovation. We associate the strength of IPR protection with the...

Persistent link: https://www.econbiz.de/10011539076

The distribution of talent and the pattern and consequences of international trade

Grossman, Gene M. - 2002

measured accurately and another in which workers engage in joint production. When individuals have private information about …

Persistent link: https://www.econbiz.de/10011410329

Cross-ownership, R&D spillovers, and antitrust policy

López, Angel L.; Vives, Xavier - 2016

This paper considers cost-reducing R&D investment with spillovers in a Cournot oligopoly with minority shareholdings. We find that, with high market concentration and sufficiently convex demand, there is no scope for cross-ownership to improve welfare regardless of spillover levels. Otherwise,...

Persistent link: https://www.econbiz.de/10011482905

New characteristics and hedonic price index numbers

Crawford, Ian; Neary, J. Peter - 2019

Changes in product characteristics on the extensive margin are an important and hitherto neglected dimension of quality change. Standard techniques for quality-adjusting price indices cannot handle such changes satisfactorily, which leads to an economically and statistically significant bias in...

Persistent link: https://www.econbiz.de/10011977187

IO for export(s)

Mrázová, Monika; Neary, J. Peter - 2019

We provide an overview and synthesis of recent work on models of monopolistic competition with heterogeneous firms in international trade, paying particular attention to competition effects, pass-through, selection effects, and linking distributions of firm characteristics and outcomes. A...

Persistent link: https://www.econbiz.de/10012129746

Integration vs. outsourcing in industry equilibrium

Grossman, Gene M.; Helpman, Elhanan - 2001

We develop an equilibrium model of industrial structure in which the organization of firms is endogenous. Differentiated consumer products can be produced either by vertically integrated firms or by pairs of specialized companies. Production of each variety of consumer good requires a unique,...

Persistent link: https://www.econbiz.de/10011398409

Market power and welfare in asymmetric divisible good auctions

Manzano Tovar, Carolina; Vives, Xavier - 2016

information but declines with its transaction costs. In line with empirical evidence, we find that an increase in transaction … costs and/or a decrease in the precision of a bidding group.s information induces a strategic response from the other group …, which thereafter attenuates its response to both private information and prices. A "stronger" bidding group -which has more …

Persistent link: https://www.econbiz.de/10011580637

High frequency trading and fragility

Cespa, Giovanni; Vives, Xavier - 2016

We show that limited dealer participation in the market, coupled with an informational friction resulting from high frequency trading, can induce demand for liquidity to be upward sloping and strategic complementarities in traders' liquidity consumption decisions: traders demand more liquidity...

Persistent link: https://www.econbiz.de/10011587522