This paper develops a theory of oligopoly and markups in general equilibrium. Firms compete in a network of product market rivalries that emerges endogenously out of the characteristics of the products and services they supply. My model embeds a novel, highly tractable and scalable demand system...

We find little support for the Schumpeterian hypothesis of a positiverelationship between market power and innovation in 1950’s Britain eventhough many economists and policymakers accepted it at the time. Pricefixingagreements were very widespread prior to the 1956 RestrictivePractices Act and...

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...

Much of the recent literature on price transmission focuses on whether price changesoccurring at one stage of the food sector are fully transmitted in changes to retail prices. Therole of market structure in determining the degree of price transmission is often emphasised,the presumption being...

According to the conventional wisdom, "peripheral" Southern European countries members of the euro area (Greece, Italy, Portugal, and Spain) suffer from a problem of competitiveness. Since devaluation is not possible because they are part of the euro, the adjustment should come through...

In April 2012 the City of London published a report ("London: a center for renminbi business") intended to promote London as "the leading western renminbi hub." The report identifies four advantages that, in its view, London would enjoy: its time zone, its legal and regulatory systems, its...

This paper studies monetary and exchange rate policy in a world of global value chains. Using recent microdata from Japan and Russia, devaluations are shown to negatively affect exporters in terms of employment, domestic revenue and profitability relative to nonexporting firms. Given their...