Carnegie Mellon University

Past Carnegie-Rochester-NYU Conferences

Taking place every November, each conference is organized around a particular theme or topic with papers prepared by leading scholars with expertise in the area. 

Participants are united by their interest in the issues discussed and by their belief that analysis, evidence, and informed discussion have lasting effects on the public and its institutions.


2020 Conference on Market Power and Macro Policy


Nov. 13-14, 2020, Virtual

Globalization and technical advances are restructuring markets, contributing to increased concentration and the rise of superstar firms. This conference seeks proposals exploring the macroeconomic and policy implications of market power in the twenty-first century.


Scenes From 2020

Zoom call
Zoom call

Day One Conference Sessions

Session I

  • Government Policies in a Granular Global Economy
    Authors: Cecile Gaubert (Berkeley), Oleg Itskhoki (UCLA), and Maximilian Vogler (Princeton)
    Discussant: Ezra Oberfield (Princeton)

 Session II

  • Concentration in International Markets: Evidence from US Imports
    Authors: Alessandra Bonfiglioli (Queen Mary University of London & CEPR), Rosario Crinò (Università Cattolica del Sacro Cuore, CEPR & CESifo), and Gino Gancia (Queen Mary University of London & CEPR)
    Discussant: Stephen Redding (Princeton)

Session III

  • The Dynamic Effects of Antitrust Policy on Growth and Welfare
    Authors: Laurent Cavenaile (University of Toronto), Murat Alp Celik (University of Toronto),
    and Xu Tian (University of Toronto)
    Discussant: Thomas Phillipon (NYU Stern)

Session IV

  • Market Concentration, Firm Heterogeneity, and Search Complementarities
    Authors: Jesús Fernández-Villaverde (University of Pennsylvania), Federico Mandelman (Federal Reserve Bank of Atlanta), Yang Yu (Shanghai University of Finance and Economics), and Francesco Zanetti (Uni- versity of Oxford)
    Discussant: Michael Peters (Yale)

Day Two Conference Sessions

Session I

  • Some Unpleasant Markup Arithmetic: Production Function Elasticities and their
    Estimation from Production Data

    Authors: Steve Bond (University of Oxford), Arshia Hashemi (University of Chicago),
    Greg Kaplan (University of Chicago & NBER), and Piotr Zoch (University of Chicago)
    Discussant: Jan De Loecker (KU Leuven, NBER, & CEPR)

Session II

  • Monetary Policy, Customer Capital, and Market Power
    Authors: Monica Morlacco (USC) and David Zeke (USC)
    Discussant: François Gourio (Federal Reserve Bank of Chicago)

Session III

  • Regulation and Security Design in Concentrated Markets
    Authors: Ana Babus (Washington University in St. Louis & CEPR) and Kinda Hachem (University of Virginia & NBER)
    Discussant: Marzena Rostek (University of Wisconsin)

 Session IV

  • Low Interest Rates, Deposit Market Power, and Bank Risk-Taking
    Authors: Toni M. Whited (University of Michigan & NBER), Yufeng Wu (University of Illinois), and Kairong Xiao (Columbia University)
    Discussant: Skander Van den Heuvel (Federal Reserve Board)