We develop a macroeconomic framework in which firms are large and have market power with respect to both products and labor. Each firm maximizes a share-weighted average of shareholder utilities, which makes the equilibrium independent of price normalization. In a one-sector economy, if returns...

Growing economic inequality and wage stagnation have raised serious social justice concerns, igniting a broad debate on their causes and possible solutions. Antitrust scholars have discussed a number of approaches, including Professors Herbert Hovenkamp and Ioana Marinescu’s recommendation of...

This paper analyzes the relationship between bilateral trade flows, trade openness, and asset holdings in a three-country stochastic general equilibrium model. The threecountry model set-up enables me to disentangle and separate the effects bilateral trade flows and trade openness have on...