Low Interest Rates, Market Power, and Productivity GrowthAbstractThis study provides a new theoretical result that low interest rates encourage market concentration by raising industry leaders’ incentive to gain a strategic advantage over followers, and this effect strengthens as the interest rate approaches zero. The model provides a unified explanation for why the fall in long-term interest rates has been associated with rising market concentration, reduced business dynamism, a widening productivity-gap between industry leaders and followers, and slower productivity growth. Support for the model’s key mechanism is established by showing that a decline in the ten year Treasury yield generates positive excess returns for industry leaders, and the magnitude of the excess returns rises as the Treasury yield approaches zero.




低利率，市场支配力和生产率增长
摘要：
这项研究提供了一个新的理论结果，即低利率通过提高行业领导者获得超越追随者的战略优势的动机来鼓励市场集中度，并且随着利率接近零，这种影响会增强。该模型为为什么长期利率下降与市场集中度上升，业务活力降低，行业领导者与追随者之间的生产率差距扩大以及生产率增长放慢相关联的统一解释。通过显示十年期国债收益率的下降会为行业领导者带来正的超额收益，从而建立了模型关键机制的支持，而随着国库券收益率接近零，超额收益的幅度会上升。

低利率，市场支配力和生产率增长.pdf
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