Sergio Feijoo Moreira

Welcome to my personal webpage. I am a Lecturer (Assistant Professor) in Economics at the University of Bristol.

Research Interests: Macroeconomics, Productivity and Growth, Firm Dynamics.



Contact Information


The Priory Road Complex, Priory Road, Clifton, Bristol, BS8 1TU


Provider-driven complementarity and firm dynamics

Winner III Premio Nada es Gratis a Job Market Papers en Economía

Media: Nada es Gratis

Business dynamism has experienced a significant decline during the last decades in the United States. This paper offers a new explanation based on the assumption of provider-driven complementarity, which makes seemingly independent products become complements when provided by a single firm. I develop a quality ladder growth model where provider-driven complementarity is crucial in determining firms' incentives to challenge incumbents in their established markets. I show that a decline in the average size of innovations induces a growth slowdown. Moreover, I find that the entry rate declines, and both concentration of sales and Research and Development expenditure increase even as the growth rate of the economy declines. This is in contrast to a standard quality ladder model without provider-driven complementarities which implies the reverse. The asymmetry generated by provider-driven complementarity between entrants and incumbents in their incentives to conduct R&D is key for generating the decline in business dynamism.


Inside the decline of the labor share: technical change, market power, and structural change

R&R Journal of Economic Dynamics and Control

This paper documents substantial industry-level heterogeneity in the decline of the U.S. labor share and its main components: employment, wages, and value added. Moreover, this is also contemporaneous with a strong process of structural change between manufacturing and services during the last two decades. I analyze both phenomena through the lens of a multi-sector model where sector-specific changes in market power and capital-biased technical change - the most prominent explanations for the declining labor share - also characterize the process of structural change between sectors. The model shows that increasing market power, which is pervasive across manufacturing and services, accounts for almost two-thirds of the decline of the labor share. Technical change explains the remaining third and is the fundamental driver of structural change between sectors.



University of Bristol

Universidad Carlos III de Madrid