Giammario Impullitti
@gimpullitti
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Economist. University of Nottingham. International trade, economic growth. Focus: Trade & labour markets, trade & growth, innovation/industrial policy.
London, England
Joined January 2012
RT @CEP_LSE: Out now! @gimpullitti and @pontus_rendahl explore the impact of declining competition on innovation and inequality in the Unit….
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RT @ojblanchard1: A personal assessment of the evolution of macroeconomic research over the last 40 years (informed by the opinions of man….
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Non-technical write-up of my work with @pontus_rendahl on the impact of market power on economic growth and wealth inequality.
Declining competition may be the common culprit for both slower productivity growth and deepening wealth inequality in the US, argue @gimpullitti @pontus_rendahl.
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The consequences for households wellbeing? The poor get hit with a double whammy—stagnant wages and a rising wealth gap. Meanwhile, the top 1% (especially the top 0.1%) keep pulling ahead.
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Market power also crushes wages. Less competition means profits take a bigger share, while lower productivity growth weakens future wage increases.
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In contrast, low-income households, reliant on wages and lacking substantial savings, see little benefit. Many cannot save at all or only save for emergencies, making them less responsive to rising returns.
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Why? Because the rich and poor react differently to changes in returns. The wealthy, who own most assets, benefit directly from higher returns, compounding their wealth.
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As firms gain dominance, markups increase, driving up corporate profits and boosting asset returns (r). Meanwhile, reduced competition stifles innovation and productivity growth (g). This widening gap between asset returns and economic growth—r - g—exacerbates wealth inequality.
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How does rising market power affect growth and the distribution of wealth? With @pontus_rendahl we explore these links in our new paper, @cepr_org, .@UoNEconomics, .@CBScph, #growth, #inequality, #markups. A thread.
cepr.org
In recent decades, the United States has experienced a notable rise in markups, a slowdown in productivity growth, and an increase in wealth inequality. We present a framework that unifies these...
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RT @AGGraziano: Attention PhD students!. The call for our yearly Postgraduate Conference is out! . Send us your work on trade, productivity….
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RT @NobelPrize: BREAKING NEWS.The Royal Swedish Academy of Sciences has decided to award the 2024 Sveriges Riksbank Prize in Economic Scien….
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RT @ufukakcigit: Why Isn't Increased R&D Spending Necessarily Boosting U.S. Productivity?. Check out my latest article in the @IMFNews's Fi….
imf.org
Increased R&D spending isn’t necessarily boosting US productivity as industrial giants focus on defending their turf
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RT @cepr_org: New CEPR Discussion Paper - DP19385.Hetereogeneous Firms, #Growth and the Long Shadows of Business Cycles.@gimpullitti @Uniof….
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RT @FelixTintelnot: Jonathan Eaton was an exceptional scholar and a wonderful mentor. Cecilia Fieler and I wrote an intellectual obituary d….
cepr.org
Jonathan Eaton, who passed away in February 2024, was a pioneering scholar in international economics. This column outlines his many contributions to our understanding of the global economy, includ...
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RT @HDrochon: "In 2022 alone, UK institutions of higher education paid more than £112m to the big five to secure open-access publication fo….
theguardian.com
Giant publishers are bleeding universities dry, with profit margins that rival Google’s. So we decided to start our own, says academic Arash Abizadeh
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That really is a good start Chancellor! Congrats @johnvanreenen and @asvalero.
Exciting news! A new Economic Advisory Council, chaired by @johnvanreenen and including @asvalero, of @CEP_LSE & @POID_LSE .
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RT @LukeTryl: 🆕 Barely more than a third of people who voted Reform yesterday said they might have voted Conservative. Our new poll conduct….
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RT @SadiqKhan: Thank you, London. It's the honour of my life to serve the city I love. 🙏🏿. Today is not about making history, it’s about sh….
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Brilliant!.
Happy 1 May, with the hope that one day, someone other than the far right international will try again to represent the workers 🌹.
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