real GDP: Gross domestic product adjusted for inflation.
regulatory capture: The influence or domination by industry or interest groups of the government agency intended to regulate that industry.
rent: A payment received by the owner of an asset in excess of the cost of reproducing or recreating that asset.
restricted contract: A contract between firms that encourages anticompetitive behavior. See also anti-steering.
revenues: The top line of the income statement of a firm. Also known as net sales.
skewness: A measure of the asymmetry of the probability distribution of a random variable around its mean. Symmetric distributions have a skewness of 0. Negative skewness means that the tail is fat on the left: large negative events are more likely than positive ones. Positive skewness means that the tail is fat on the right: large positive events are more likely than negative ones.
total factor productivity (TFP) growth: A measurement of the extent to which output expands for given levels of all inputs. It is the most important measure of technological progress and the key to sustainable growth.
Tobin’s q: The ratio of the market value of a firm to the replacement cost of its capital stock.
unit labor cost: The average cost of labor per unit of output.
vertical merger: A merger that takes place between firms at complementary levels in the chain of production. See also horizontal merger.
vertical restraints: The restrictions agreed on by firms at different levels of the production and distribution process, as opposed to horizontal restraints between horizontal competitors. They include agreements on the maximum or minimum resale prices, agreements to accept returns of products, tying contracts where access to a product requires the purchase of another one, exclusive agreements not to buy from rivals, and so on. US courts have become more tolerant of such restraints over the past couple of decades.
REFERENCES
Acemoglu, D., D. Autor, D. Dorn, G. H. Hanson, and B. Price (2016). Import competition and the great US employment sag of the 2000s. Journal of Labor Economics 34(S1), S141–S198.
Alesina, A., and F. Giavazzi (2006). The Future of Europe: Reform or Decline. Cambridge, MA: MIT Press.
Alessandria, G., and J. P. Kaboski (2011). Pricing-to-market and the failure of absolute PPP. American Economic Journal: Macroeconomics 3(1), 91–127.
Alpert, A., D. Powell, and R. L. Pacula (2018). Supply-side drug policy in the presence of substitutes: Evidence from the introduction of abuse-deterrent opioids. American Economic Journal: Economic Policy 10(4), 1–35.
Al-Ubaydli, O., and P. A. McLaughlin (2017). RegData: A numerical database on industry-specific regulations for all United States industries and federal regulations, 1997–2012. Regulation & Governance 11(1), 109–123.
Andrews, D., C. Criscuolo, and P. N. Gal (2015). Frontier firms, technology diffusion and public policy. OECD Productivity Working Papers, no. 2, OECD, Paris, 1–38.
Ansolabehere, S., J. M. de Figueiredo, and J. M. Snyder Jr. (2003). Why is there so little money in U.S. politics? Journal of Economic Perspectives 17(1), 105–130.
Arayavechkit, T., F. Saffie, and M. Shin (2014). Capital-based corporate tax benefits: Endogenous misallocation through lobbying. Working paper, University of Pennsylvania.
Ashenfelter, O., and D. Hosken (2010). The effect of mergers on consumer prices: Evidence from five mergers on the enforcement margin. Journal of Law and Economics 53(3), 417–466.
Ashenfelter, O., D. S. Hosken, and M. Weinberg (2011). The price effects of a large merger of manufacturers: A case study of Maytag-Whirlpool. NBER Working Paper No. 17476, National Bureau of Economic Research, Cambridge, MA, October.
Auerbach, A. J. (2002). Taxation and corporate financial policy. In Handbook of Public Economics, ed. A. J. Auerbach and M. Feldstein, vol. 3, 1251–1292. New York: Elsevier.
Autor, D. H., D. Dorn, and G. H. Hanson (2016). The China shock: Learning from labor-market adjustment to large changes in trade. Annual Review of Economics 8(1), 205–240.
Autor, D., D. Dorn, L. Katz, C. Patterson, and J. Van Reenen (2017). Concentrating on the fall of the labor share. American Economic Review 107(5), 180–185.
Azar, J. A., I. Marinescu, M. I. Steinbaum, and B. Taska (2018). Concentration in US labor markets: Evidence from online vacancy data. NBER Working Paper No. 24395, National Bureau of Economic Research, Cambridge, MA, March.
Azoulay, P., B. Jones, J. D. Kim, and J. Miranda (2018). Age and high-growth entrepreneurship. NBER Working Paper No. 24489, National Bureau of Economic Research, Cambridge, MA, April.
Bajgar, M., G. Berlingieri, S. Calligaris, C. Criscuolo, and J. Timmis (2019). Industry concentration in Europe and North America. OECD Productivity Working Papers, no. 18, OECD, Paris, January.
Baker, R. B., C. Frydman, and E. Hilt (2018). Political discretion and antitrust policy: Evidence from the assassination of President McKinley. NBER Working Paper No. 25237, National Bureau of Economic Research, Cambridge, MA, November.
Baker, T., and B. G. C. Dellaert (2018). Behavioral finance, decumulation and the regulatory strategy for robo-advice. Research Paper 18-19, Institute for Law and Economics, University of Pennsylvania, July.
Basu, S., J. G. Fernald, N. Oulton, and S. Srinivasan (2003). The case of the missing productivity growth. NBER Macroeconomics Annual 18, ed. M. Gertler and K. Rogoff, 9–63.
Baumgartner, F. R., J. M. Berry, M. Hojnacki, D. C. Kimball, and B. L. Leech (2009). Lobbying and Policy Change: Who Wins, Who Loses, and Why. Chicago: University of Chicago Press.
Bazot, G. (2013). Financial consumption and the cost of finance: Measuring financial efficiency in Europe (1950–2007). Working Paper, Paris School of Economics.
Bekkouche, Y., and J. Cagé (2018). The price of a vote: Evidence from France 1993–2014. CEPR Discussion Paper No. 12614, Centre for Economic Policy Research, London, January.
Benmelech, E., N. Bergman, and H. Kim (2018). Strong employers and weak employees: How does employer concentration affect wages? NBER Working Paper No. 24307, National Bureau of Economic Research, Cambridge, MA, February.
Berger, A., R. Demsetz, and P. E. Strahan (1999). The consolidation of the financial services industry: Causes, consequences, and implications for the future. Journal of Banking and Finance 23(2), 135–194.
Berger, D., K. F. Herkenhoff, and S. Mongey (2019). Labor market power. NBER Working Paper No. 25719, National Bureau of Economic Research, Cambridge, MA, March.
Bergman, M., M. Coate, M. Jakobsson, and S. Ulrik (2010). Comparing merger policies in the European Union and the United States. Review of Industrial Organization 36(4), 305–331.
Bergstresser, D., J. Chalmers, and P. Tufano (2009). Assessing the costs and benefits of brokers in the mutual fund industry. Review of Financial Studies 22(10), 4129–4156.
Bertrand, M., M. Bombardini, R. Fisman, and F. Trebbi (2018). Tax-exempt lobbying: Corporate philanthropy as a tool for political influence. NBER Working Paper No. 24451, National Bureau of Economic Research, Cambridge, MA, March.
Besley, T., and A. Case (2003). Political institutions and policy choices: Evidence from the United States. Journal of Economic Literature 41(1), 7–73.
Birnbaum, J. H. (1992). The Lobbyists. New York: Times Books.
Blanchard, O. (2003). Comment on Basu et al. NBER Macroeconomics Annual 18, ed. M. Gertler and K. Rogoff, 64–71.
Blanes i Vidal, J., M. Draca, and C. Fons-Rosen (2012). Revolving door lobbyists. American Economic Review 102(7), 3731–3748.
Blonigen, B. A., and J. R. Pierce (2016). Evidence for the effects of mergers on market power and efficiency. NBER Working Paper No. 22750, National Bureau of Economic Research, Cambridge, MA, October.
Bloom, N., C. I. Jones, J. V. Reenen, and M. Webb (2017). Are ideas getting harder to find? NBER Working Paper No. 23782, National Bureau of Economic Research, Cambridge, MA, September.
Bombardini, M., and F. Trebbi (2011). Votes or money? Theory and evidence from the
US Congress. Journal of Public Economics 95(7–8), 587–611.
Bombardini, M., and F. Trebbi (2012). Competition and political organization: Together or alone in lobbying for trade policy? Journal of International Economics 87(1), 18–26.
Bork, R. (1978). The Antitrust Paradox. New York: Basic Books.
Brynjolfsson, E., A. Collis, W. E. Diewert, F. Eggers, and K. J. Fox (2019). GDP-B: Accounting for the value of new and free goods in the digital economy. NBER Working Paper No. 25695, National Bureau of Economic Research, Cambridge, MA, March.
Brynjolfsson, E., and A. McAfee (2014). The Second Machine Age. New York: W. W. Norton.
Buccirossi, P., L. Ciari, T. Duso, G. Spagnolo, and C. Vitale (2013). Competition policy and productivity growth: An empirical assessment. Review of Economics and Statistics 95(4), 1324–1336.
Bundestags-Drucksache (2013). Parliamentary paper no. 17/12340.
Byrne, D. M., J. G. Fernald, and M. B. Reinsdorf (2016). Does the United States have a productivity slowdown or a measurement problem? Brookings Papers on Economic Activity (Spring), 109–182.
Carree, M., A. Günster, and M. P. Schinkel (2010). European antitrust policy 1957–2004: An analysis of commission decisions. Review of Industrial Organization 36(2), 97–131.
Carril, R., and M. Duggan (2018). The impact of industry consolidation on government procurement: Evidence from Department of Defense contracting. NBER Working Paper No. 25160, National Bureau of Economic Research, Cambridge, MA, October.
Case, A., and A. Deaton (2015). Rising morbidity and mortality in midlife among white non-Hispanic Americans in the 21st century. Proceedings of the National Academy of Sciences 112(49), 15078–15083.
Case, A., and A. Deaton (2017). Mortality and morbidity in the twenty-first century. Brookings Papers on Economic Activity (Spring), 397–467.
Cette, G., J. Fernald, and B. Mojon (2016). The pre-Great Recession slowdown in productivity. European Economic Review 88, 3–20.
Chalk, M. N. A., M. Keen, and V. J. Perry (2018). The tax cuts and jobs act: An appraisal. IMF Working Paper No. 18/185, International Monetary Fund, August.
Chalmers, J., and J. Reuter (2012). Is conflicted investment advice better than no advice? NBER Working Paper No. 18158, National Bureau of Economic Research, Cambridge, MA, June, rev. September 2015.
Combe, E. (2010). Les vertus cachées du low cost aérien. In Ouvrage Innovation Politique 2012. Fondapol-PUF.
Corrado, C., D. Sichel, C. Hulten, and J. Haltiwanger, eds. (2005). Measuring Capital in the New Economy, Studies in Income and Wealth, vol. 65. Chicago: University of Chicago Press.
Council of Economic Advisers (2016). Benefits of competition and indicators of market power. CEA Issue Brief, Obama White House, April.
Covarrubias, M., G. Gutiérrez, and T. Philippon (2019). From good to bad concentration? U.S. industries over the past 30 years. NBER Macroeconomics Annual 34, ed. M. S. Eichenbaum, E. Hurst, and J. A. Parker.
Crawford, G. S., O. Shcherbakov, and M. Shum (2018). Quality overprovision in cable television markets. American Economic Review 109(3), 956–995.
Crouzet, N., and J. Eberly (2018). Intangibles, investment, and efficiency. AEA Papers and Proceedings 108, 426–431.
Cunningham, C., F. Ederer, and S. Ma (2018). Killer acquisitions. Working paper, August 28. http://dx.doi.org/10.2139/ssrn.3241707.
Darolles, S. (2016). The rise of fintechs and their regulation. Financial Stability Review 20, 85–92, Banque de France, April.
Davis, S. J. (2017). Regulatory complexity and policy uncertainty: Headwinds of our own making. Working paper, January. http://www.policyuncertainty.com/media/Davis_RegulatoryComplexity.pdf.
Davis, S. J., and J. Haltiwanger (2014). Labor market fluidity and economic performance. NBER Working Paper No. 20479, National Bureau of Economic Research, Cambridge, MA, September.
Deaton, A., and A. Heston (2010). Understanding PPPs and PPP-based national accounts. American Economic Journal: Macroeconomics 2(4), 1–35.
Decker, R., J. Haltiwanger, R. Jarmin, and J. Miranda (2014). The role of entrepreneurship in US job creation and economic dynamism. Journal of Economic Perspectives 28(3), 3–24.
Decker, R. A., J. Haltiwanger, R. S. Jarmin, and J. Miranda (2015). Where has all the skewness gone? The decline in high-growth (young) firms in the U.S. Working Papers 15–43, Center for Economic Studies, U.S. Census Bureau.
de Figueiredo, J. M., and B. K. Richter (2014). Advancing the empirical research on lobbying. Annual Review of Political Science 17(1), 163–185.
de Figueiredo Jr., R. J. P., and G. Edwards (2007). Does private money buy public policy? Campaign contributions and regulatory outcomes in telecommunications. Journal of Economics and Management Strategy 16(3), 547–576.
DellaVigna, S., R. Durante, B. Knight, and E. La Ferrara (2014). Market-based lobbying: Evidence from advertising spending in Italy. CEPR Discussion Paper No. 9813, Centre for Economic Policy Research, London, February.
Dellis, K., and D. Sondermann (2017). Lobbying in Europe: New firm-level evidence. ECB Working Paper No. 2071, European Central Bank, June.
De Young, R., D. Evanoff, and P. Molyneux (2009). Mergers and acquisitions of financial institutions: A review of the post-2000 literature. Journal of Financial Services Research 36(2), 87–110.
Djankov, S., T. Ganser, C. McLiesh, R. Ramalho, and A. Shleifer (2010). The effect of corporate taxes on investment and entrepreneurship. American Economic Journal: Macroeconomics 2(3), 31–64.
Djankov, S., R. LaPorta, F. Lopez-de-Silanes, and A. Shleifer (2002). The regulation of entry. Quarterly Journal of Economics 117(1), 1–37.
Dolfen, P., L. Einav, P. J. Klenow, B. Klopack, J. Levin, L. Levin, and W. Best (2019). Assessing the gains from e-commerce. NBER Working Paper No. 25610, National Bureau of Economic Research, Cambridge, MA, February.
Drechsler, I., A. Savov, and P. Schnabl (2017). The deposits channel of monetary policy. Quarterly Journal of Economics 132(4), 1819–1876.
Dube, A., J. Jacobs, S. Naidu, and S. Suri (2018). Monopsony in online labor markets. NBER Working Paper No. 24416, National Bureau of Economic Research, Cambridge, MA, March.
Duso, T., K. Gugler, and B. Yurtoglu (2011). How effective is European merger control? European Economic Review, 55(7), 980–1006.
Duval, R., D. Furceri, B. Hu, J. T. Jalles, and H. Nguyen (2018). A narrative database of major labor and product market reforms in advanced economies. IMF Working Paper No. 18/19, International Monetary Fund, January.
Economides, N. (1999). U.S. telecommunications today. In IS Management Handbook, ed. Carol V. Brown, 7th ed., 191–212. Boca Raton, FL: CRC Press, Taylor and Francis Group.
Egan, M., G. Matvos, and A. Seru (2016). The market for financial adviser misconduct. NBER Working Paper No. 22050, National Bureau of Economic Research, Cambridge, MA, February.
Elsby, M., B. Hobijn, and A. Sahin (2013). The decline of the U.S. labor share. Brookings Papers on Economic Activity (Fall).
Evans, W. N., E. M. J. Lieber, and P. Power (2019). How the reformulation of OxyContin ignited the heroin epidemic. Review of Economics and Statistics 101(1), 1–15.
Faccio, M., and L. Zingales (2017). Political determinants of competition in the mobile telecommunication industry. NBER Working Paper No. 23041, National Bureau of Economic Research, Cambridge, MA, January.
Feenstra, R. C., and D. E. Weinstein (2017). Globalization, markups and U.S. welfare. Journal of Political Economy 125(4), 1040–1074.
Feinberg, R. M., and K. M. Reynolds (2010). The determinants of state-level antitrust activity. Review of Industrial Organization 37(3), 179–196.
Flandreau, M. (2001). The bank, the states, and the market: An Austro-Hungarian tale for Euroland, 1867–1914. OeNB Working Paper 43, Oesterreichische Nationalbank, Vienna.
Foncel, J., V. Rabassa, and M. Ivaldi (2007). The significant impediment of effective competition test in the new European merger regulation. In The Political Economy of Antitrust, ed. Vivek G
hosal and Johan Stennek, 349–367. Bingley, UK: Emerald Insight.
Fouirnaies, A., and A. B. Hall (2014). The financial incumbency advantage: Causes and consequences. Journal of Politics 76(3), 711–724.
Furman, J., D. Coyle, A. Fletcher, P. Marsden, and D. McAuley (2019). Unlocking digital competition. Report of the Digital Competition Expert Panel. UK Government Publishing Service, March.
Gates, R. M. (2014). Duty: Memoirs of a Secretary at War. New York: Knopf.
GBD 2016 Healthcare Access and Quality Collaborators (2018). Measuring performance on the Healthcare Access and Quality Index for 195 countries and territories and selected subnational locations: A systematic analysis from the Global Burden of Disease Study 2016. Lancet 391, 2236–2271.
Gerber, D. J. (1998). Law and Competition in Twentieth Century Europe. Oxford: Clarendon Press.
Goldin, C., and L. F. Katz (2008). Transitions: Career and family lifecycles of the educational elite. American Economic Review 98(2), 363–369.
Goldschlag, N., and A. Tabarrok (2018). Is regulation to blame for the decline in American entrepreneurship? Economic Policy 33(93), 5–44.
Gordon, R. J. (2016). The Rise and Fall of American Growth. Princeton: Princeton University Press.
Greenwood, J., and J. Dreger (2013). The transparency register: A European vanguard of strong lobby regulation? Interest Groups & Advocacy 2(2), 139–162.
Greenwood, R., and D. Scharfstein (2013). The growth of finance. Journal of Economic Perspectives 27(2), 3–28.
Grossman, G., and E. Helpman (1994). Protection for sale. American Economic Review 84(4), 833–850.
Grossman, G. M., and E. Helpman (2001). Special Interest Politics. Cambridge, MA: MIT Press.
Grullon, G., J. Hund, and J. P. Weston (2018). Concentrating on q and cash flow. Journal of Financial Intermediation 33, 1–15.
Grullon, G., Y. Larkin, and R. Michaely (forthcoming). Are U.S. industries becoming more concentrated? Review of Finance.
Gutiérrez, G., C. Jones, and T. Philippon (2019). Entry costs and the macroeconomy. NBER Working Paper No. 25609, Cambridge, MA, National Bureau of Economic Research, February.
The Great Reversal Page 34