1. The regulatory environment : antitrust law and enforcement in the US and the EU -- 2. Oligopoly markets, collusion, and the operation of cartels -- 3. The historical background -- 4. Globalization and corporate collusion -- 5. Collusion in the industrialized world : the structure of the...

We show that "zombie credit" - cheap credit to impaired firms - has a disinflationary effect. By helping distressed firms to stay afloat, such credit creates excess production capacity, thereby putting downward pressure on product prices. Granular European data on inflation, firms, and banks...