Director of the Center for Pacific Basin Studies Featured in Research Platform Faculti, July 12, 2023

Zheng Liu, vice president and Director of the Center for Pacific Basin Studies at the San Francisco Fed, spoke with Faculti about how the rise in automation technology contributed to the rise of superstar firms over the past two decades. He explained the empirical link between automation technology and industry concentration, using a general equilibrium framewrk with heterogeneous firms and variable markups.

The Federal Reserve Bank of San Francisco (SF Fed) serves the public by promoting a healthy, sustainable economy, and supporting the nation’s financial and payment systems. With offices in Los Angeles, Seattle, Salt Lake City, Portland and Phoenix, the Bank serves the Twelfth Federal Reserve District, which includes one-fifth of the nation’s population and represents the world’s fourth-largest economy. As part of the nation’s central bank, the SF Fed informs monetary policy, regulates banks, administers certain consumer protection laws and acts as a financial partner to the U.S. government.