The Great Reversal Thomas Philippon NYU, NBER, CEPR Banque de - PowerPoint PPT Presentation

Feb 24, 2023 •133 likes •284 views

The Great Reversal Thomas Philippon NYU, NBER, CEPR Banque de France, PSE, December 2019 The Rise in US Concentration Panel A. Cumulative Change in CR8 (%) 8 6 4 2 0 1980 1990 2000 2010 Manufacturing NonManufacturing Source: U.S.

The Great Reversal Thomas Philippon NYU, NBER, CEPR Banque de France, PSE, December 2019
The Rise in US Concentration Panel A. Cumulative Change in CR8 (%) 8 6 4 2 0 1980 1990 2000 2010 Manufacturing Non−Manufacturing Source: U.S. Economic Census for all Businesses. Dashed lines because of changes in industry classification from SIC to NAICS.
Two Big Questions • Good vs. Bad Concentration? - Good concentration: low prices and productivity growth • e.g, retail & wholesale trade • returns to scale; intangible investment - Bad concentration: high prices and low productivity • e.g., telecoms, airlines, healthcare • what are these barriers? • Technology vs. Policy? - Network effects vs regulation & antitrust
Walmart .08 .6 .07 .4 Market Share Profit Margin .06 .2 .05 .04 0 1970 1980 1990 2000 2010 2020 year Profit Margin Market Share
Missing Investment from Concentrating Industries Wtd Average Cumulative K gap .05 0 −.05 −.1 −.15 1990 2000 2010 2020 year Top 10 dlog(CR8) Bottom 10 dlog(CR8) . .
Concentration: EU vs. US
Comparison of Telecom Prices in FR vs US Relative Price of Communication in France 1.2 1.1 Relative price 1 .9 .8 .7 2004 2006 2008 2010 2012 2014 year
Markups EU vs US
Lobbying Expenditures 3.5 Total Lobbying Expenditures ($ BN USD) 3 2.5 2 1.5 1 2000 2005 2010 2015 Year US − Total US − Business EU − Total EU − Business
The MissingTrillion Dollar • Monthly savings per households: $300 • Nationwide annual household direct savings: $600 billion • General equilibrium impact of returning to competitive markets - GDP: $1 trillion - Labor Income: $1.25 trillion - Profits: -$250 billion
Firm Entry Rate 8 10 12 14 16 1975 1985 Barriers to Entry? Entry rate 1995 Restrictions 2005 2015 1000 2000 3000 4000 5000 Median # of Restrictions (NAICS−4)
Fading Stars
The Failure of Free Entry All 1.5 Elasticity of dLogN(t,t+2) w.r.t. Q(t) 1 .5 0 −.5 1975 1985 1995 2005 CPSTAT (Firm) QCEW (Estab) SUSB (Firm)
Good Concentration / Bad Concentration Average scores for PC1 and PC2 .6 .4 .2 0 −.2 −.4 1995 2000 2005 2010 2015 year PC1: "Intangibles" PC2: "Barriers to Entry"

Recommend

ITC Reversal and RCM 24 th June 2020 Webinar, CTC CA Naresh Sheth CA Sanket Shah ITC Reversal

GST for Real Estate ITC Reversal and RCM 24 th June 2020 Webinar, CTC CA Naresh Sheth CA Sanket Shah ITC Reversal under Rule 42 Projects completed till 31 st March 2019 Reversal applicable only in the year of completion or for full project

396 views • 25 slides

The Great Reversal Thomas Philippon NYU, NBER, CEPR Chicago, March 2020 References Cost of

References The Great Reversal Thomas Philippon NYU, NBER, CEPR Chicago, March 2020 References Cost of Internet Access, 2018 Rank Country Broadband Cost 40 France $ 31 43 South Korea $ 32 53 Germany $ 37 ... 119 US $ 68

584 views • 29 slides

Basic concepts on magnetization reversal (1) Static properties : coherent reversal and beyond

Basic concepts on magnetization reversal (1) Static properties : coherent reversal and beyond Stanislas ROHART Laboratoire de Physique des Solides Universit Paris Sud and CNRS Orsay, France Introduction: Hysteresis loop Manipulation of a

754 views • 38 slides

State of Collaboration Check Reversal (AC 230) Workshop 1 1 AC-230 THE SALARY REVERSAL &

State of Collaboration Check Reversal (AC 230) Workshop 1 1 AC-230 THE SALARY REVERSAL & EXCHANGE PROCESS KEVIN CZMYR 2 2 What is an AC-230? Used to return salary checks for employees who have not earned their full salary due to:

1.88k views • 79 slides

The Great Reversal A young girl of about 16 years, expecting a child Conceived in a

12/4/2018 Advent is the time to reflect on Gods indescribable gift of Jesus (2 Corinthians 9:15) The theological theme of the Luke 1:39-56 incarnation: God made flesh Advent runs four weeks leading up to Christmas day The Great

94 views • 5 slides

Esther and the Great Reversal Esther 6-9 Here is some test text Here is some test text Here is

Here is some test text Here is some test text Here is some test text Esther and the Great Reversal Esther 6-9 Here is some test text Here is some test text Here is some test text 1. The Reversal of Exaltation and Humility Here is some test

724 views • 41 slides

The median problem for the reversal distance in circular bacterial genomes E. Ohlebusch, M.I.

Introduction Methods Conclusion The median problem for the reversal distance in circular bacterial genomes E. Ohlebusch, M.I. Abouelhoda, K. Hockel, J. Stallkamp University of Ulm, Germany CPM 2005 The median problem for the reversal

679 views • 31 slides

REVERSAL PROCESSING USING ILFORD BLACK & WHITE FILMS TO MAKE MONOCHROME TRANSPARENCIES

September 2003 APPLICATION SHEET REVERSAL PROCESSING USING ILFORD BLACK & WHITE FILMS TO MAKE MONOCHROME TRANSPARENCIES REVERSAL PROCESSING OF ILFORD HEALTH AND SAFETY INFORMATION The processes mentioned in this leaflet suggest the

152 views • 4 slides

On Reversal and Transposition Medians Martin Bader | June 25, 2009 Page 2 On Reversal and

On Reversal and Transposition Medians Martin Bader | June 25, 2009 Page 2 On Reversal and Transposition Medians | Martin Bader | June 25, 2009 Genome Rearrangements During evolution, the gene order in a chromosome can change Gene order of

527 views • 24 slides

SH 358 RAMP REVERSAL PROJECT Martin C. Horst, PE CC Area Engineer April 13, 2017 SH0358

SH 358 RAMP REVERSAL PROJECT Martin C. Horst, PE CC Area Engineer April 13, 2017 SH0358 Ramp Reversal April 13, 2017 SH0358 (S. Padre Island Dr.) Project Overview FROM: East of Airline Rd. SH0358 Ramp Reversal April 13, 2017 TO: West

597 views • 8 slides

Pairing time-reversal states J = 0 + (a) +m -m k F k F K k F + L.N.

Nuclear pairing from microscopic forces (with applications) Paolo Finelli Dept. of Physics and Astronomy, University of Bologna paolo. fj nelli@bo.infn.it Based on Phys. Rev. C 90, 044003 Published 21 October 2014 Pairing time-reversal

674 views • 22 slides

Reversal-Bounded Counter Machines St ephane Demri LSV, CNRS, ENS Cachan Workshop on Logics

Reversal-Bounded Counter Machines St ephane Demri LSV, CNRS, ENS Cachan Workshop on Logics for Resource-Bounded Agents, Barcelona, August 2015 Overview Presburger Counter Machines Reversal-Bounded Counter Machines Verifying Temporal

534 views • 42 slides

How good is simple reversal sort? p Not so good actually p It has to do at most n-1 reversals with

How good is simple reversal sort? p Not so good actually p It has to do at most n-1 reversals with permutation of length n p The algorithm can return a distance that is as large as (n 1)/ 2 times the correct result d( ) n For example, if n

689 views • 32 slides

Discovery of a new torque reversal of the accreting X-ray pulsar 4U 1626-67 by Fermi/GBM

Discovery of a new torque reversal of the accreting X-ray pulsar 4U 1626-67 by Fermi/GBM A.Camero-Arranz (1,2) , M. Finger (2,3) , C. Wilson-Hodge (4) , E. Beklen (5) , N. Ikhsanov (2) and P. Jenke (3) on behalf of the GBM pulsar project

542 views • 13 slides

Assistance to agricultural development in Africa: Decline and Reversal Alexandros Sarris

Assistance to agricultural development in Africa: Decline and Reversal Alexandros Sarris Department of Economics, University of Athens, Greece Prepared for the 16 th GDN Conference, Casablanca, Morocco, June 11-13, 2015 Plan of presentation

666 views • 28 slides

Oxygen nanobubbles for the reversal of hypoxia and drug delivery THE NANOMEDICINE LAB Ph.D.

Oxygen nanobubbles for the reversal of hypoxia and drug delivery THE NANOMEDICINE LAB Ph.D. students (4): Jangsun Hwang, Yonghyun Choi, Saad Khan, Sachin Chavan M.S. students (5): Yejin Kwon, Jaehee Jang, Kyungwoo Lee, Chanhwi Park, Dasom Kim

306 views • 16 slides

Praxbind-a novel anticoagulant reversal agent Dr Mark Offer Consultant Haematologist The

Praxbind-a novel anticoagulant reversal agent Dr Mark Offer Consultant Haematologist The Problem Venous Thrombosis is the third leading cause of vascular death. Incidence rates increase from 1 per 10,000 annually among persons less

336 views • 32 slides

Engineering Culture Secret Sauce of Great Software Great Software process model Great

Engineering Culture Secret Sauce of Great Software Great Software process model Great Software language framework technology Great Software tools Great Software trends Great Software 4 Great Software Overlooked Deep impact

993 views • 53 slides

Time-reversal symmetric two-dimensional topological insulators the BernevigHughesZhang

Chapter 8 Time-reversal symmetric two-dimensional topological insulators the BernevigHughesZhang model Conductance channel with up-spin charge carriers - zed, ics forma- one-dimensional edges moves quan- - Conductance

418 views • 19 slides

TIME-REVERSAL-INVARIANT TOPOLOGICAL SUPERCONDUCTORS: PROPOSALS AND SIGNATURES Liliana Arrachea

TIME-REVERSAL-INVARIANT TOPOLOGICAL SUPERCONDUCTORS: PROPOSALS AND SIGNATURES Liliana Arrachea Universidad Nacional de San Martn Argentina ICTP- 2019 - COLLABORATORS Armando Aligia, Bariloche Alberto Camjayi, Buenos Aires

830 views • 44 slides

Reversal Distances for Strings with Few Blocks or Small Alphabets Laurent Bulteau, Guillaume

Introduction First results Fixed-parameter tractability Conclusion Reversal Distances for Strings with Few Blocks or Small Alphabets Laurent Bulteau, Guillaume Fertin, Christian Komusiewicz Technische Universitt Berlin, Germany Universit

708 views • 55 slides

Quadratic Hawkes processes (for financial price series) Fat-tails and Time Reversal

Quadratic Hawkes processes (for financial price series) Fat-tails and Time Reversal Asymmetry Pierre Blanc, Jonathan Donier, JPB (building on previous work with Rmy Chicheportiche & Steve Hardiman) Stylized facts I. Well

304 views • 19 slides

Prescribing Naloxone to Patients for Overdose Reversal Julie Kmiec, DO Assistant Professor of

Prescribing Naloxone to Patients for Overdose Reversal Julie Kmiec, DO Assistant Professor of Psychiatry University of Pittsburgh School of Medicine Disclosures Financial none This presentation will discuss intranasal use of

741 views • 57 slides

TO GREAT OUTCOMES W HAT IS A GREAT OUTCOME H OW DO WE SUPPORT ACHIEVEMENT OF GREAT OUTCOMES

M ENTAL H EALTH N EEDS A SSESSMENT S ERVICE C OORDINATION B UILDING B RIDGES TO GREAT OUTCOMES W HAT IS A GREAT OUTCOME H OW DO WE SUPPORT ACHIEVEMENT OF GREAT OUTCOMES Client Profile - Glen Mental Health Physical Health Psycho social Opioid

391 views • 17 slides