Juan Holguín, Sergio Ocampo, Sergio Salgado
(2026).
Markup Accounting.
Working Paper.
Submitted.
We document new facts of markup dispersion using firms in India, the US, and 10 European countries, and develop an oligopolistic model with demand elasticity shifters that accounts for the joint distribution of markups and firm size.
Nicholas Bloom, Fatih Guvenen, Sergio Salgado
(2026).
Skewed Business Cycles.
Working Paper.
Submitted.
We show that the skewness of firm-level growth rates is robustly procyclical across the U.S. and over 60 countries, and argue that recessions combine negative mean, positive uncertainty, and negative skewness shocks.
Bence Bardoczy, Gideon Bornstein, Sergio Salgado
(2026).
Monopsony Power and the Transmission of Monetary Policy.
Working Paper.
Submitted.
We show that firms with high monopsony power respond less to monetary policy and that the decline in labor market power since the 1980s has amplified the output effects of monetary policy.
Cristina Gualdani, Elena Pastorino, Aureo De Paula, Sergio Salgado
(2025).
Identifying Uncertainty, Learning about Productivity, and Human Capital Acquisition.
Working Paper.
First Draft.
We prove identification of labor market models with human capital acquisition, learning, and sorting, and show that differences in learning opportunities help explain low measured sorting despite high firm-worker complementarity.