
Monetary Policy and Superstar Firms
Monetary Policy and Superstar Firms https://ift.tt/2CenRbu The yearly Jackson Hole gathering of central bankers has focused this year on the topic of changing market structure, the rise of superstar firms, and the implications of the way they compete for central banks. Last year, David Autor et al. suggested a new interpretation of the fall in the labour share based on the rise of “superstar firms.” If globalisation or technological changes give an advantage to the most productive firms in each industry, product market concentration will rise as industries become increasingly dominated by superstar firms with high profits and a low share of […]