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Ricardo Marto shows that structural change might be a fundamental driver of the rise in markups using a general equilibrium quantitative model

It was great to be in Barcelona for the #EEAESEM23 and I am honored to have received the EEA's Young Economist Award for my work on structural change and markups. EEA St. Louis Fed Penn #EEAESEM23 #EconTwitter

Fantastic workshop in my beautiful country! Thanks Lisbon Macro Workshop for putting together a great program!

Excited to be kicking off our annual Human Capital in Macro, this year co-sponsored by LAEF (at UC Santa Barbara) and St. Louis Fed Economic Research. #econtwitter

New CEPR Discussion Paper - DP18470 The Expansion of Varieties in the New Age of Advertising Salome Baslandze Atlanta Fed, Jeremy Greenwood Penn, Ricardo Marto St. Louis Fed St. Louis Fed Economic Research, Sara Moreira Northwestern Kellogg School ow.ly/epSb50PPgc4 #CEPR_MG

A short article on the rise of the relative price of services and markups.

From the FRED Blog: Recent research shows that the demand for services is driving the overall rise in business markups, the difference between actual production cost and sale price ow.ly/ij5m50TJcIn

A short article on ongoing work on digital advertising.

Why are high-ability low-income students not enrolling in highly-selective colleges? Listen to the latest Timely Topics podcast on my ongoing work on where high-school students apply, where they are admitted into, and where they end up enrolling by parental income and SAT/GPA. 👇

We are hiring! This is somewhat of a late add so tell everyone who might be interested. Apply! Feel free to contact me for any more details about the position and about working at Western.

Corporate profits are near all-time highs: $4 trillion or 16.2% of national income at the end of 2024 (2.3pp higher relative to the pre-Covid19 period). The surge was entirely driven by the real economy. Details in my blog post below.