1/n. My take on this question of monopoly power and inflation: two things are true at the same time:
1/ The proximate cause for inflation is not a sudden increase in monopoly power.
2/ High demand and inflation suggest now is a good time to crack down on monopoly rents.

2/n On the first, key question is that of pass-through. In textbook models it does not depend of level of markup. In response to shocks then, no reason to expect higher inflation in concentrated sectors. Many plausible extensions deliver *lower* pass throughs in oligopolies.

3/ However, pro competition policies are deflationary in the short run. Many can also have distributional impact on workers. Just like other structural reforms, timing is then important and timing is good today.

4/ it’s a bit like labor market reforms. Lower firing costs encourage hiring in long run but also firing in short run. So best to do it when unemployment is low.