We compute average mark-ups as a measure of market power throughout time and study their interaction with fiscal policy and macroeconomic variables in a VAR framework. From impulse-response functions the results, with annual data for a set of 14 OECD countries covering the period 1970-2007, show...

This paper studies household inequality and product market power in dynamic, general equilibrium. In our model, households' price elasticities of demand endogenously vary with wealth. Heterogeneous firms set their price as oligopolistic competitors given the endogenous distribution of demand. A...

We document the decline in market power of the U.K. in safe assets and quantify the resulting losses. We estimate an increasing elasticity of demand for U.K. public debt during the latter half of the 20th century. This is in sharp contrast to the U.S., which displays the opposite pattern with...

In April 2003 the U.S. Federal Energy Regulatory Commission proposed a complicated marketdesign – the Wholesale Power Market Platform (WPMP) – for common adoption byall U.S. wholesale power markets. Versions of the WPMP have been implemented in NewEngland, New York, the mid-Atlantic states,...

Präferenzen für Gütervielfalt und hieraus resultierende heterogene Preisbildung auf unvollkommenen Gütermärkten werden in empirischen Produktivitätsuntersuchungen bislang nur unzureichend berücksichtigt. Der vorliegende Beitrag möchte zur Schließung dieser Forschungslücke beitragen: Er...

Der angekündigte mehrheitliche Verkauf des Discounters "Plus" würde der Konzentration im deutschen Einzelhandel einen neuen Schub verleihen. Die oft vorgebrachte These, dass ein Ausscheiden kleinerer Wettbewerber langfristig auch den Konsumenten schadet, ist allerdings rein spekulativ. Dieser...

Dieser Beitrag thematisiert die ökonomische Macht von Unternehmen in Österreich und stellt die Frage, ob diese - wie auch in anderen OECD-Ländern - zugenommen hat. Konzeptuell wird eine neuartige Differenzierung zwischen ökonomischer und politischer Macht sowie zwischen Marktmacht im engeren...

We analyse UK markups and profit margins for the pandemic period and its aftermath using unconsolidated balance sheets of non-financial corporations for both listed and unlisted firms. The markup increases by 14.7% between 2014 and 2022, exceeding any previously documented growth rate for UK...

This paper presents a set of results concerning price formation and convergence to perfect competition in markets populated by sellers of differentiated products. It generalizes results of Butters (1977), Hart (1979), Perloff and Salop (1985), Wolinsky (1986), Armstrong et al. (2009), and...

We show that U.S. banks price deposits almost uniformly across their branches and that this pricing practice is crucial to explain the deposit rate dynamics following bank mergers. We find a strong and sharp post-merger convergence between the deposit rates of the acquired branches and the...