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The Rise of Market Power and the Macroeconomic Implications: Comment

NBER working paper of November 2025 by C. Lanier Benkard, Nathan H. Miller and Ali Yurukoglu, answering De Loecker, Eeckhout and Unger.

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Dates
Nov 2025
The debate

What it found

Applying the methodology as described in the article to the full sample, markup increases are more muted until late in the sample period, and are almost entirely driven by Finance and Insurance firms.1

What it disputes

Each side is quoted in its own words. Whether a finding holds is not decided here.

NBER working paper of November 2025 by C. Lanier Benkard, Nathan H. Miller and Ali Yurukoglu, answering De Loecker, Eeckhout and Unger.

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Each side is quoted in its own words. Whether a finding holds is not decided here.

Timeline 3 dates
  1. Nov 2025 The Rise of Market Power and the Macroeconomic Implications: Comment
  2. Nov 2025 National Bureau of Economic Research produced The Rise of Market Power and the Macroeconomic Implications: Comment
  3. Nov 2025 The Rise of Market Power and the Macroeconomic Implications: Comment disputes a finding of The Rise of Market Power and the Macroeconomic Implications According to The Rise of Market Power and the Macroeconomic Implications: Comment
Proof 1 source
  1. The Rise of Market Power and the Macroeconomic Implications: Comment, NBER Working Paper 34513, National Bureau of Economic Research, Nov 2025. Scholarship & press
    Applying the methodology as described in the article to the full sample, markup increases are more muted until late in the sample period, and are almost entirely driven by Finance and Insurance firms.
    We conclude that the DEU methodology and data, as they are described in the article, do not support the conclusion that broad-based increases in market power have occurred in recent decades.
    De Loecker et al. (2020) (DEU) estimate that markups increased significantly in the United States from 1955 to 2016.
Page history 2 changes
  1. Second revision of Too Big to Fail: the FTC's 1917 finding, the 1952 report's seven firms, the 1984 hearing record, and corrected cards for Spirit, beef, tickets, Google and the final verdictAlibek05663c47
  2. Revise Too Big to Fail after the skeptic's review: read to 2 November 2026, a verdict card that separates findings from shares, the 1929 fight with its scandal and the board's stand, and sources for every cardAlibekc819f2cb

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