中文摘要
本综述梳理了关于市场势力宏观经济学的文献。自1980年以来，各种市场势力的总量指标，如加成率、利润率和市值，在美国及全球范围内均有所上升。我们发现，加成率的上升在很大程度上归因于市场份额的重新配置以及可变投入上逆支出份额（inverse expenditure share）的上升，而产出弹性并未上升。我们分析了这一过程的宏观经济原因与后果，并利用模型评估了潜在机制。关键在于参数分布中潜在的异质性，这种异质性传导至产出、劳动份额、利润和福利等结果分布的异质性中。仅关注市场势力的总量指标具有误导性，因为相同的总量加成率可能与不同的产出和福利相关联。最后，我们讨论了竞争政策如何不仅成为恢复经济效率的工具，还可以成为再分配的工具，这取决于加成率与基础参数的分布方式。
Abstract
This review surveys the literature on the macroeconomics of market power. Since 1980 various aggregate measures of market power, such as markups, profit rates, and market capitalization, have increased in the United States and around the globe. We find that the rise of markups is due in large part to the reallocation of market shares and to the rise of the inverse expenditure share on variable inputs, whereas output elasticities have not risen. We analyze the macroeconomic causes and consequences of this process and use a model to evaluate the potential mechanisms. Key is the underlying heterogeneity in the distribution of parameters, which passes through to heterogeneity in the distribution of outcomes such as output, the labor share, profits, and welfare. Focusing on aggregate measures of market power is misleading, as the same aggregate markups can be associated with different output and welfare. We conclude with a discussion of how competition policy can be a tool not only for restoring economic efficiency but also for redistribution, depending on how the markups and underlying parameters are distributed.