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We combine a structural model with cross-sectional micro data to identify the causes and consequences of rising concentration in the US economy. Using asset prices and industry data, we estimate realized and anticipated shocks that drive entry and concentration. We validate our approach by showing that the model-implied entry shocks correlate with independently constructed measures of entry regulations and M&As. We conclude that entry costs have risen in the U.S. over the past 20 years and have depressed capital and consumption by about seven percent.
We combine a structural model with cross-sectional micro data to identify the causes and consequences of rising concentration in the US economy. Using asset pri
This is a key year for the evolution of international markets. The global economy is experiencing the most severe downturn since the thirties, it is temporarily
Deregulation, privatization and internationalization of the telecommunications industry has brought about enormous changes within both the European and world ec
This book was originally published in 1999. At this time, the US economy had recently restructured itself, moving away from an industrial economy towards one ba