Economic fluctuations, market power, and returns to scale: Evidence from firm‐level data
经济波动、市场势力与规模报酬:企业数据证据
Abstract Recent research on aggregate fluctuations, coupled with ongoing work in industrial organization, has renewed interest in the existence, magnitude, and cyclical pattern of market power and the extent of increasing returns to scale. By exploiting restrictions from dynamic theory and information from financial markets, we present a framework for generating quantitative evidence on market power and returns to scale. Tailoring the econometric model to firm‐level panel…