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This paper develops a theory of oligopoly and markups in general equilibrium. Firms compete in a network of product … extent of competition from substitute products. I estimate that, in 2019, public corporations produced consumer surplus in …
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economic growth and social welfare. The model combines a detailed oligopolistic competition model featuring endogenous entry … macroeconomic aggregates, and it replicates the observed hump-shaped relationship between innovation and competition within and …
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