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  3. Research from Martin Schmalz referenced by the White House
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  3. Research from Martin Schmalz referenced by the White House
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Research from Martin Schmalz referenced by the White House

Tue, 7th June 2022

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The paper is cited in the Economic Report of the President.

A paper by co-authored by Martin Schmalz, Professor of Finance at Oxford Saïd, has been quoted in the US President’s high profile Economic Report (ERP) - America’s annual economic report card which provides an overview of the country’s economic progress. 

The research (Inequality and Market Concentration, When Shareholding Is More Skewed than Consumption) provides evidence to support the idea that market power may increase economic inequality.

These findings have been cited in the ERP to justify a view that, where companies have the power to manipulate the price of products on the market, they are earning higher profits by raising prices, then transferring wealth from consumers and workers to shareholders. Because shareholders are - on average - wealthier, this increases inequality. 


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I am pleased to see that governments around the world - including in the United States - are picking up on the role monopoly power plays in driving wealth inequality.

Martin Schmalz

Professor of Finance

Commenting on the report, Martin said: 'I am pleased to see that governments around the world - including in the United States - are picking up on the role that monopoly power plays in driving wealth inequality. It is also great to see that our research is helping to inform this view on a global stage.'

Martin is a financial economist with a particular interest in how finance interacts with other fields of economics, including industrial organisation, labour economics, behavioural economics, monetary economics and micro-economic theory. His research has been published in some of the world’s leading business journals, including the Journal of Finance, The Review of Financial Studies and the Journal of Financial Economics.

Read more about Martin’s research on his profile.

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