Dalton Rongxuan Zhang

Job Market Paper

1. Revisit the aggregate consequences of market power.
   When asset demand is imperfectly elastic, the consequences depends crucially on incidence of rents created by market power
   
   

2. Market power creates three opposing asset market forces:
   (i) Redistribution raises asset demand; (ii) Asset Creation expands asset supply; (iii) Production Wedge reduces asset supply.
   Derive a measurable analytical characterization (sufficient statistic).
   
   

3. Redistribution dominates asset creation.
   Observed rise of markups decreases r by 154 basis points. Output nearly unchanged instead of 15 percent falls with a fixed return.
   
   

4. Small output loss, large welfare cost: Consequences of market power resurfaces mainly as inequality
   
   

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