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Keywords:allocative efficiency 

Newsletter
Financial life after the death of a spouse

The death of a spouse results in a considerable decline in average income for the surviving spouse. The Social Security survivors benefits program compensates the surviving spouse, most often a woman, for almost all of the lost income, allowing them to work less, but many widows who are not yet eligible for the program struggle to meet their financial needs.
Chicago Fed Letter , Issue 438 , Pages 5

Working Paper
Distribution of Market Power, Endogenous Growth, and Monetary Policy

We incorporate incumbent innovation in a Keynesian growth framework to generate an endogenous distribution of market power across firms. Existing firms increase markups over time through successful innovation. Entrant innovation disrupts the accumulation of market power by incumbents. Using this environment, we highlight a novel misallocation channel for monetary policy. A contractionary monetary policy shock causes an increase in markup dispersion across firms by discouraging entrant innovation relative to incumbent innovation. We characterize the circumstances when contractionary monetary ...
Working Paper Series , Paper 2024-09

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Camner McKay, Lisa 1 items

Fadlon, Itzik 1 items

Gu, Yumeng 1 items

Ramnath, Shanthi 1 items

Singh, Sanjay R. 1 items

Tong, Patricia K. 1 items

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