Central bankers’ conventional wisdom suggests that nominal interest rates should be raised to implement a lower inflation target. In contrast, I show that the standard New Keynesian monetary model predicts that nominal interest rates should bedecreased to attain this goal. Real interest rates,...

Die vorliegende Studie Zur wettbewerblichen Wirkung des Zweivertragsmodells imdeutschen Gasmarkt analysiert die Auswirkungen des neuen Entry-Exit-Modells inDeutschland auf die Entwicklung von Liquidität und Marktmachtsituation der entstehendenMärkte. Ziel ist dabei die Ableitung von...

The working report looks at the actual situation of the German broadband cable market in thecontext of merger control and sector specific regulation. A crucial problem in dealing with thecable market whether in antitrust cases or in the regulatory context is the precise assessmentof the economic...

Die Globalisierung verändert dieMarktmacht der unterschiedlichengesellschaftlichen Gruppen. AberGesellschaft und Politik haben trotzdemerhebliche Gestaltungsspielräume.Vor allem in Deutschland wurden sieso genutzt, dass sich die Einkommensverteilungdramatisch verschlechtert hat.Dazu gibt es...

Though unambiguously outperforming all other ¯nancial markets in terms of liquidity,foreign exchange trading is still performed in opaque and decentralized markets. In par-ticular, the two-tier market structure consisting of a customer segment and an interdealersegment to which only market...

Productivity is an important indicator of competitiveness and economic health.Recent debate about the competitiveness of the UK economy has focused attentionon the gap between UK productivity and the productivity of other players in the globaleconomy, such as the US, France and Germany.A more...

There is no hiding from the economic rise of the developing economies, and inparticular that of China and India. Leading global investment bank Goldman Sachsestimates that China will overtake the USA as the world’s largest economy by 2039.No doubt India will be close behind.Understandably many...

In this paper, we aim to model the vertical relation between retailers and suppliersin the food industry whereby retailers exercise seller power in their relation with consumersand buyer power in their relation with producers. We then evaluate the degree of pricetransmission, relative to the...

This paper is concerned with the impact of food scares, principally the BSE crisis, in the UK and focuses on price adjustment at different stages in a vertically-related market. Our interest is motivated primarily by the presence of market power that is alleged to occur in UK food retailing....

This paper focuses on price transmission in a vertically-related set-up where the retail stage may exercise oligopoly and/or oligopsony power, an issue addressed by the UK anti-trust authority investigation of the food retailing sector. From a theoretical perspective, we set out simple tests...