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The Rise of Market Power and the Macroeconomic Implications: Comment

Author

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  • C. Lanier Benkard
  • Nathan H. Miller
  • Ali Yurukoglu

Abstract

De Loecker et al. (2020) (DEU) estimate that markups increased significantly in the United States from 1955 to 2016. We find this result is sensitive to unreported sample restrictions that drop 27% of the available observations. Applying the methodology as described in the article to the full sample, markup increases are more muted until late in the sample period, and are almost entirely driven by Finance and Insurance firms. If these firms are removed, markup increases are modest. We conclude that the DEU methodology and data, as they are described in the article, do not support the conclusion that broad-based increases in market power have occurred in recent decades.

Suggested Citation

  • C. Lanier Benkard & Nathan H. Miller & Ali Yurukoglu, 2025. "The Rise of Market Power and the Macroeconomic Implications: Comment," NBER Working Papers 34513, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:34513
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    More about this item

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L40 - Industrial Organization - - Antitrust Issues and Policies - - - General

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