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Global declining competition
Díez, Federico J.; Fan, Jiayue; Villegas-Sánchez, Carolina - 2019
Using a new firm-level dataset on private and listed firms from 20 countries, we document five stylized facts on market power in global markets. First, competition has declined around the world, measured as a moderate increase in average firm markups during 2000- 2015. Second, the markup...
Persistent link: https://www.econbiz.de/10012019850
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The Size Distribution of Firms, Cournot, and Optimal Taxation
Gersovitz, Mark - 2006
Tax laws and administrations often treat different size firms differently. There is, however, little research on the consequences. As modeled here, oligopolists with different efficiencies determine the size distribution of firms. A government that maximizes a weighted sum of consumer surplus,...
Persistent link: https://www.econbiz.de/10014400189
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Swing pricing and fragility in open-end mutual funds
Jin, Dunhong; Kacperczyk, Marcin; Kahraman, Bige; … - 2019
How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds' net asset values to pass on funds' trading costs to transacting shareholders. Using...
Persistent link: https://www.econbiz.de/10012154553
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Transparency and Monetary Policy with Imperfect Common Knowledge
Roca, Mauro - 2010
Is it desirable that central banks be more transparent in the communication of sensible information when agents have diverse private information? In practice, there exists some consensus about the benefits of acting in this way. However, other studies warn that increasing the precision of public...
Persistent link: https://www.econbiz.de/10014402814
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Exchange Rate Fluctuations, Pass-Through, and Market Share
International Monetary Fund - 1989
When the exchange rate fluctuates and the market exhibits hysteresis, planning horizons of domestic and foreign competitors will matter in determining pass-through as well as relative market shares of these firms. Using the Cournot duopoly model, it is shown that if the foreign exporter is a...
Persistent link: https://www.econbiz.de/10014396230
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Pricing Policies and Inflation Inertia
Kumhof, Michael - 2003
This paper provides a monetary model with nominal rigidities that differs from the conventional New Keynesian model with firms setting pricing policies instead of price levels. In response to permanent or highly persistent monetary policy shocks this model generates the empirically observed slow...
Persistent link: https://www.econbiz.de/10014403827
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Quality, Trade, and Exchange Rate Pass-Through
Chen, Natalie - 2014
for higher quality goods. We test the proposed theory using a highly disaggregated Argentinean firm-level wine export …
Persistent link: https://www.econbiz.de/10014411197
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Price Setting in a Model with Production Chains : Evidence From Sectoral Data
Shamloo, Maral - 2010
Reconciling the high frequency of price changes at the micro level and their apparent rigidity at the aggregate level has been the subject of considerable debate in macroeconomics recently. In this paper I show that incorporating production chains in a standard New- Keynesian model replicates...
Persistent link: https://www.econbiz.de/10014402879
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Pricing to Market and the Real Exchange Rate
Faruqee, Hamid - 1995
This paper investigates the consequences of pricing to market for exchange rate pass-through and real exchange rate dynamics across different patterns of trade under market segmentation. Under two-way, intraindustry trade--where home prices display greater linkage with those of foreign...
Persistent link: https://www.econbiz.de/10014398714
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Credibility dynamics and disinflation plans
Kostadinov, Rumen; Roldán, Francisco - 2020
Central banker faces a tradeoff between surprise inflation and building reputation, defined as the private sector's belief … future grounds with temptation leads the way for a negative drift of reputation in equilibrium. Plans that successfully … the zero reputation limit, a gradual disinflation is preferred despite the absence of inflation inertia in the private …
Persistent link: https://www.econbiz.de/10012251953