全球智库信息集成服务系统(G2TT): DP15788 The ``Matthew Effect'' and Market Concentration: Search Complementarities and Monopsony Power

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP15788
	DP15788 The ``Matthew Effect'' and Market Concentration: Search Complementarities and Monopsony Power
	Jesus Fernandez-Villaverde; Federico Mandelman; Francesco Zanetti; Yang Yu
发表日期	2021-02-09
出版年	2021
语种	英语
摘要	This paper develops a dynamic general equilibrium model with heterogeneous firms that face search complementarities in the formation of vendor contracts. Search complementarities amplify small differences in productivity among firms. Market concentration fosters monopsony power in the labor market, magnifying profits and further enhancing high-productivity firms' output share. Firms want to get bigger and hire more workers, in stark contrast with the classic monopsony model, where a firm aims to reduce the amount of labor it hires. The combination of search complementarities and monopsony power induces a strong ``Matthew effect'' that endogenously generates superstar firms out of uniform idiosyncratic productivity distributions. Reductions in search costs increase market concentration, lower the labor income share, and increase wage inequality.
主题	Monetary Economics and Fluctuations
关键词	Market concentration Superstar firms Search complementarities Monopsony power
URL	https://cepr.org/publications/dp15788
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/544788
推荐引用方式 GB/T 7714	Jesus Fernandez-Villaverde,Federico Mandelman,Francesco Zanetti,et al. DP15788 The ``Matthew Effect'' and Market Concentration: Search Complementarities and Monopsony Power. 2021.