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Regulation and Pricing of Pharmaceuticals : Reference Pricing or Price Cap Regulation?

Brekke, Kurt Richard; Grasdal, Astrid; Holmas, Tor Helge - 2021

-patent pharmaceuticals, replacing the existing price cap (PC) regulation. We estimate the effect of the reform using a product level panel … dataset, covering the drugs exposed to RP and a large number of drugs still under PC regulation in the time before and after … regulation in lowering drug prices, while the cross-price effect raises a concern about patent protection …

Persistent link: https://www.econbiz.de/10013316907

Competition and Waiting Times in Hospital Markets

Brekke, Kurt Richard; Siciliani, Luigi; Straume, Odd Rune - 2021

This paper studies the impact of hospital competition on waiting times. We use a Salop-type model, with hospitals that differ in (geographical) location and, potentially, waiting time, and two types of patients; high-benefit patients who choose between neighbouring hospitals (competitive...

Persistent link: https://www.econbiz.de/10013316811

Does Reference Pricing Drive Out Generic Competition in Pharmaceutical Markets? Evidence from a Policy Reform

Brekke, Kurt Richard; Canta, Chiara; Straume, Odd Rune - 2022

Policy makers use reference pricing to curb pharmaceutical expenditures by reducing coverage of expensive branded drugs. In a theoretical analysis we show that the net effect of reference pricing is generally ambiguous when accounting for entry by generic producers. Reference pricing shifts...

Persistent link: https://www.econbiz.de/10014080046

Eurosystem Monetary Targeting : Lessons from U.S. Data

Rudebusch, Glenn D. - 2010

Using a small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflation and output variability. This is...

Persistent link: https://www.econbiz.de/10013137167

Expected and Predicted Realignments : The Ff/Dm Exchange Rate During the EMS

Rose, Andrew Kenan; Svensson, Lars E. O. - 2021

An empirical model of time-varying realignment risk in an exchange rate target zone is developed. Expected rates of devaluation are estimated as the difference between interest race differentials and estimated expected rates of depreciation within the exchange rate band, using French...

Persistent link: https://www.econbiz.de/10013217941

Inflation Targeting as a Monetary Policy Rule

Svensson, Lars E. O. - 2021

The purpose of the paper is to survey and discuss inflation targeting in the context of monetary policy rules. The paper provides a general conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of inflation targeting, compares inflation targeting to...

Persistent link: https://www.econbiz.de/10013218714

The First Year of the Eurosystem : Inflation Targeting or Not?

Svensson, Lars E. O. - 2021

This paper is a brief evaluation of the Eurosystem's monetary-policy regime after its first year, in particular of the extent to which it is similar to inflation targeting as practiced by an increasing number of central banks. I examine the Eurosystem's goals, framework for monetary-policy...

Persistent link: https://www.econbiz.de/10013234929

Monetary Policy Issues for the Eurosystem

Svensson, Lars E. O. - 2021

The paper discusses the choice between inflation targeting and monetary targeting as a strategy for the Eurosystem, the actual strategy the Eurosystem announced in the fall of 1998, the framework for policy decisions appropriate for achieving the goals of the Eurosystem, the role of exchange...

Persistent link: https://www.econbiz.de/10013247637

Money and Inflation in the Euro Area : A Case for Monetary Indicators?

Gerlach, Stefan; Svensson, Lars E. O. - 2021

This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data spanning 1980 2000. The P* model is shown to have considerable empirical support. Thus, the price gap' or, equivalently, the real money gap' (the gap between current real balances...

Persistent link: https://www.econbiz.de/10013312477

Price Stability as a Target for Monetary Policy : Defining and Maintaining Price Stability

Svensson, Lars E. O. - 2021

This paper discusses how price stability can be defined and how price stability can be maintained in practice. Some lessons for the Eurosystem are also considered. With regard to defining price stability, the choice between price-level stability and low (including zero) inflation and the...

Persistent link: https://www.econbiz.de/10013313767