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Diverging Trends in National and Local Concentration

Author

Listed:
  • Esteban Rossi-Hansberg

    (Princeton University)

  • Nicholas Trachter

    (Federal Reserve Bank of Richmond)

  • Pierre-Daniel Sarte

    (Federal Reserve Bank of Richmond)

Abstract

Using U.S. NETS data, we present evidence that the positive trend observed in national product-market concentration between 1990 and 2014 becomes a negative trend when we focus on measures of local concentration. We document diverging trends for several geographic definitions of local markets. SIC 8 industries with diverging trends are pervasive across sectors. In these industries, top firms have contributed to the amplification of both trends. When a top rm opens a plant, local concentration declines and remains lower for at least 7 years. Our findings, therefore, reconcile the increasing national role of large firms with falling local concentration, and a likely more competitive local environment.

Suggested Citation

  • Esteban Rossi-Hansberg & Nicholas Trachter & Pierre-Daniel Sarte, 2019. "Diverging Trends in National and Local Concentration," 2019 Meeting Papers 167, Society for Economic Dynamics.
    • Handle: RePEc:red:sed019:167
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    JEL classification:

    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)

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