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Guido Menzio

Professor of Economics · New York University

Professor of Economics at New York University and NBER Research Associate, working on search-theoretic macroeconomics. Editor of the Review of Economic Dynamics since 2022 and Fellow of the Econometric Society (2022).

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Online First Journal of Political Economy Online 31 Jul 2026

Markups: A Search-Theoretic Perspective

Guido Menzio

Across macroeconomics, market power is almost always modelled with the Dixit–Stiglitz (1977) monopolistic-competition framework, in which a seller's markup is pinned down by how substitutable buyers …

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