In this paper, I use firm-level data from Compustat to document the evolution of markups among listed U.S. non-financial firms during the height of the COVID-19 pandemic (2020-2022). I show that, continuing its long-term rise, the aggregate (sales-weighted) markup rises markedly in 2020 and...

"The coronavirus disease 2019 (COVID-19) pandemic upended the global economy, resulting in large losses of gross domestic product worldwide. But by the time the pandemic was well into its second year, an unexpected pattern had emerged. The world's worst pandemic in a century accelerated previous...