It is a real treat for me to be here today to visit with you. Thank you for the invitation. I would like to make four points.

Before I do, I want to be clear about how I am defining terms in the panel’s topic. My research background is different from many of those in the room, so I just want to make sure you understand my assumptions. It does sound, though, from the context of the conversations so far, that my definitions are largely in line with others’.

I read “changing market structure” as referring to changes in the distribution of economic activity across firms within markets, industries, or sectors. An example getting a lot of attention lately is concentration, the distribution of revenues across companies. In addition, my sense based on both the research literature and the policy debate that market structure also has a connotation regarding market power, so I will hold that in mind too. “Implications for monetary policy” means to me implications about multiple related things: the price level, inflation, pass-through of changes in capital prices, and the Philips Curve…

Read Professor Syverson’s full remarks here.