The Micro-Aggregated Profit Share
How much has market power increased in the United States in the last sixty years? And how did the rise in market power affect aggregate profits? [New version!]
Aug 30, 2026
Precautionary Pricing and Markup Cyclicality
Why are markups cyclical, and why does their cyclicality vary across firms, sectors, and business cycle episodes? This paper develops a theory of pricing under uncertainty in which risk-averse firms set prices before costs and demand are realized.
Aug 21, 2026
The TFP-Welfare Disconnect: Evidence from Southern Europe
What explains the dismal evolution of total factor productivity (TFP) in Spain and Italy? And what are the welfare implications of such TFP declines?
Mar 30, 2026
On the Efficiency of Competitive Equilibria with Pandemics
Apr 28, 2023
The Impact of Measurement in Health on Health-Related Counterfactuals
Aug 15, 2022