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Has Market Power of U.S. Firms Increased?

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Abstract

A number of studies have documented that market concentration among U.S. firms has increased over the last decades, as large firms have grown more dominant. In a new study, we examine whether this rising domestic concentration means that large U.S. firms have more market power in the manufacturing sector. Our research argues that increasing foreign competition over the last few decades has in fact reduced U.S. firms’ market power in manufacturing.

Suggested Citation

  • Mary Amiti & Sebastian Heise, 2021. "Has Market Power of U.S. Firms Increased?," Liberty Street Economics 20210621a, Federal Reserve Bank of New York.
  • Handle: RePEc:fip:fednls:92783
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    Keywords

    market concentration; markups; import competition;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment

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