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      COVID‐19 and Inequalities*

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          Abstract

          This paper brings together evidence from various data sources and the most recent studies to describe what we know so far about the impacts of the COVID‐19 crisis on inequalities across several key domains of life, including employment and ability to earn, family life and health. We show how these new fissures interact with existing inequalities along various key dimensions, including socio‐economic status, education, age, gender, ethnicity and geography. We find that the deep underlying inequalities and policy challenges that we already had are crucial in understanding the complex impacts of the pandemic itself and our response to it, and that the crisis does in itself have the potential to exacerbate some of these pre‐existing inequalities fairly directly. Moreover, it seems likely that the current crisis will leave legacies that will impact inequalities in the long term. These possibilities are not all disequalising, but many are.

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          Inequality in the impact of the coronavirus shock: Evidence from real time surveys

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            The Rise of Market Power and the Macroeconomic Implications*

            We document the evolution of market power based on firm-level data for the U.S. economy since 1955. We measure both markups and profitability. In 1980, aggregate markups start to rise from 21% above marginal cost to 61% now. The increase is driven mainly by the upper tail of the markup distribution: the upper percentiles have increased sharply. Quite strikingly, the median is unchanged. In addition to the fattening upper tail of the markup distribution, there is reallocation of market share from low- to high-markup firms. This rise occurs mostly within industry. We also find an increase in the average profit rate from 1% to 8%. Although there is also an increase in overhead costs, the markup increase is in excess of overhead. We discuss the macroeconomic implications of an increase in average market power, which can account for a number of secular trends in the past four decades, most notably the declining labor and capital shares as well as the decrease in labor market dynamism.
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              The Impact of COVID-19 on Gender Equality

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                Author and article information

                Contributors
                r.blundell@ucl.ac.uk
                monica_d@ifs.org.uk
                robert_j@ifs.org.uk
                xiaowei.xu@ifs.org.uk
                Journal
                Fisc Stud
                Fisc Stud
                10.1111/(ISSN)1475-5890
                FISC
                Fiscal Studies
                John Wiley and Sons Inc. (Hoboken )
                0143-5671
                1475-5890
                14 July 2020
                : 10.1111/1475-5890.12232
                Affiliations
                [ 1 ] University College London; Institute for Fiscal Studies
                [ 2 ] Institute for Fiscal Studies; University of Porto
                [ 3 ] Institute for Fiscal Studies
                [ 4 ] Institute for Fiscal Studies
                Author notes
                Article
                FISC12232
                10.1111/1475-5890.12232
                7362053
                32836542
                3e465bbb-a82d-4952-b5b7-7a8c834ace9a
                © 2020 The Authors. Fiscal Studies published by John Wiley & Sons Ltd. on behalf of Institute for Fiscal Studies

                This is an open access article under the terms of the http://creativecommons.org/licenses/by/4.0/ License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.

                History
                Page count
                Figures: 11, Tables: 0, Pages: 29, Words: 10458
                Funding
                Funded by: Nuffield Foundation , open-funder-registry 10.13039/501100000279;
                Funded by: ESRC‐funded Centre for the Microeconomic Analysis of Public Policy at IFS
                Award ID: ES/M010147/1
                Funded by: European Union Horizon 2020
                Award ID: ES00142
                Categories
                I14
                I24
                J63
                J64
                J68
                Original Article
                Original Articles
                Custom metadata
                2.0
                corrected-proof
                Converter:WILEY_ML3GV2_TO_JATSPMC version:5.8.5 mode:remove_FC converted:15.07.2020

                inequality,employment,health,ethnicity,covid‐19
                inequality, employment, health, ethnicity, covid‐19

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