Market Power, Taxes and Inequality

市场力量、税收和不平等

• 批准号: 1948119
• 负责人: Virgiliu Midrigan
• 金额: $ 42.6万
• 依托单位: New York University
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2020
• 资助国家: 美国
• 起止时间: 2020-04-01 至 2024-03-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=1948119&HistoricalAwards=false
• 关键词: Market; Power; Taxes; Inequality

AbstractThis project studies policy interventions that alleviate the costs of firm market power and income inequality. This research is motivated by the observation that firm profits and concentration in the United States are at their highest levels in history, and income inequality is rising. An important issue is understanding the effects of firm concentration and profitability on wealth and income inequality. Firm market power generates an efficiency-equity trade-off. Production efficiency requires that labor and capital flow towards larger, more profitable firms. This in turn further increases these firms’ profits and largely benefits wealthier individuals, contributing to the wealth inequality. This project examines the effects of this trade-off using granular data and models of market power and inequality.Specifically, this project evaluates the consequences of product market interventions such as sales subsidies and taxes, limits on firm size and markups, anti-trust enforcement, as well as profit and income taxes aimed at reducing the distributional costs of markups. The project employs a dynamic general equilibrium model parameterized to reproduce salient facts about U.S. wealth and income inequality, as well as markups and product market concentration. The research considers a variety of market structures, including monopolistic and oligopolistic competition between heterogeneous private businesses and corporate firms in the product market, as well as monopsony power in the input market.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.

摘要该项目研究减轻企业市场力量成本和收入不平等的政策干预措施。这项研究的动机是观察到美国的企业利润和集中度处于历史最高水平，而收入不平等正在加剧。一个重要的问题是了解企业集中度和盈利能力对财富和收入不平等的影响。稳固的市场力量会产生效率与股权的权衡。生产效率要求劳动力和资本流向规模更大、利润更高的企业。这反过来又进一步增加了这些公司的利润，并在很大程度上使富裕的个人受益，从而加剧了财富不平等。该项目使用市场力量和不平等的精细数据和模型来研究这种权衡的影响。具体而言，该项目评估了产品市场干预的后果，例如销售补贴和税收、对公司规模和加价的限制、反垄断执法以及旨在降低加价分配成本的利润和所得税。该项目采用参数化的动态一般均衡模型来重现有关美国财富和收入不平等以及加价和产品市场集中度的显着事实。该研究考虑了各种市场结构，包括产品市场中异构私营企业和公司公司之间的垄断和寡头竞争，以及投入市场中的垄断力量。该奖项反映了 NSF 的法定使命，并通过使用基金会的智力价值和更广泛的影响审查标准进行评估，被认为值得支持。

项目成果

Should We Tax Capital Income or Wealth?

我们应该对资本收入征税还是对财富征税？

• DOI: 10.1257/aeri.20220192
• 发表时间: 2023
• 期刊: American Economic Review: Insights
• 作者: Boar, Corina;Midrigan, Virgiliu
• 通讯作者: Midrigan, Virgiliu

Efficient redistribution

高效的再分配

• DOI: 10.1016/j.jmoneco.2022.07.003
• 发表时间: 2022
• 期刊: Journal of Monetary Economics
• 影响因子: 4.1
• 作者: Boar, Corina;Midrigan, Virgiliu
• 通讯作者: Midrigan, Virgiliu