In this paper we explore the link between the intensity of product market competition and inflation rates across EU … product market competition, as proxied by the level of mark-up in particular, is an important driver of inflation … product market competition reduces average inflation rates for a prolonged period of time. Moreover, results both at the …

Deficits" discussion of the 1980s. In contrast, during the 1990s productivity growth has been identified as the primary cause … importance of budget deficits and productivity shocks for the determination of the current account. Using a sample of 21 OECD … current account, while country-specific productivity shocks appear to play a key role. …

A growing body of literature indicates that competition increases bank soundness. Applying an industrial organization … role in the transmission from competition to soundness. We use a two-pronged approach. First, we employ Granger causality … tests to establish the link between competition and measures of profit efficiency in banking, and find that competition …

This paper shows that inflation in industrialized countries is largely a global phenomenon. First, inflations of (22 … associated to Global Inflation is not only due to the trend components of inflation (up from 1960 to 1980 and down thereafter …) but also to fluctuations at business cycle frequencies. Second, Global Inflation is, consistently with standard models of …

prices with respect to the euro area: productivity growth and increased trade openness. Productivity growth can have a … productivity growth a positive one on price level convergence with respect to the euro area. …

persistence typically proceed along two distinct paths, resorting either to the presence of real shocks such as productivity … adjustment process around PPP. By contrast, we combine these two explanations in the context of an innovative panel estimation …

In most OECD countries, we cannot reject up to three breaks in the mean of inflation: one break in the late 1960’s … phenomena. We also show that ignoring breaks in the mean of inflation clearly lead to overrate inflation persistence in standard … bi-variate models of inflation. The response of inflation to shocks in these models is markedly faster with breaks than …

This paper provides a new cross-country evaluation of competitiveness, focusing on the linkages between productivity … establish new stylized facts regarding the joint distributions of the firm-level exports performance and productivity in a panel …-exporters. However, this productivity premium is rising with the export experience of firms, with permanent exporters being much more …