Global Market Power And Its Macroeconomic Implications
DOWNLOAD
Download Global Market Power And Its Macroeconomic Implications PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Global Market Power And Its Macroeconomic Implications book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Global Market Power And Its Macroeconomic Implications
DOWNLOAD
Author : Mr.Federico Diez
language : en
Publisher: International Monetary Fund
Release Date : 2018-06-15
Global Market Power And Its Macroeconomic Implications written by Mr.Federico Diez and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-15 with Business & Economics categories.
We estimate the evolution of markups of publicly traded firms in 74 economies from 1980¬-2016. In advanced economies, markups have increased by an average of 39 percent since 1980. The increase is broad-based across industries and countries, and driven by the highest markup firms in each economic sector. For emerging markets and developing economies, there is less evidence of a rise in markups. We find a positive relation between firm markups and other indicators of market power, such as profits or industry concentration. Focusing on advanced economies, we investigate the relation between markups and investment, innovation, and the labor share at the firm level. We find evidence of a non-monotonic relation, with higher markups being correlated initially with increasing and then with decreasing investment and innovation rates. This non-monotonicity is more pronounced for firms that are closer to the technological frontier. More concentrated industries also feature a more negative relation between markups and investment and innovation. The association between markups and the labor share is generally negative.
The Macroeconomic Implications Of Us Market Power In Safe Assets
DOWNLOAD
Author : Jason Choi
language : en
Publisher:
Release Date : 2022
The Macroeconomic Implications Of Us Market Power In Safe Assets written by Jason Choi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
The US government is the dominant supplier of global safe assets and faces a downward-sloping demand for its debt. In this paper, we ask if the US exercises its market power when issuing debt and study its macroeconomic consequences. We develop a model of the global economy in which US public debt generates a non-pecuniary value for its holders, analyze the equilibrium in which the US government is the monopoly provider of this safe asset, and contrast this case with the one in which the US government acts as a price taker. We use variation in estimated demand elasticities for US debt during high- and low-volatility regimes to empirically distinguish between these two models and find that the data reject the price-taking behavior in favor of the monopoly one. We then quantify the distortions due to market power and find that it generates a significant underprovision of safe assets, a sizable markup in the convenience yield, and large welfare benefits for the US to the detriment of the rest of the world. Finally, we study the implications of increasing competition in safe assets from other sovereigns and private institutions.
Globalization Market Power And The Natural Interest Rate
DOWNLOAD
Author : Jean-Marc Natal
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-06
Globalization Market Power And The Natural Interest Rate written by Jean-Marc Natal and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-06 with Business & Economics categories.
We argue that strong globalization forces have been an important determinant of global real interest rates over the last five decades, as they have been key drivers of changes in the natural real interest rate—i.e. the interest rate consistent with output at its potential and constant inflation. An important implication of our analysis is that increased competition in goods and labor market since the 1970s can help explain both the large increase in real interest rates up to the mid-1980s and—as globalization forces mature and may even go into reverse, leading to incrementally rising market power—its subsequent and protracted decline accompanied by lower inflation. The analysis has important implications for monetary policy and the optimal pace of normalization.
Global Declining Competition
DOWNLOAD
Author : Mr.Federico J Diez
language : en
Publisher: International Monetary Fund
Release Date : 2019-04-26
Global Declining Competition written by Mr.Federico J Diez and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-26 with Business & Economics categories.
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 increase is driven by already high-markup firms (top decile of the markup distribution) that charge increasing markups. Third, markups increased mostly among advanced economies but not in emerging markets. Fourth, there is a non-monotonic relation between firm size and markups that is first decreasing and then increasing. Finally, the increase is mostly driven by increases within incumbents and also by market share reallocation towards high-markup entrants.
Rising Corporate Market Power
DOWNLOAD
Author : Ufuk Akcigit
language : en
Publisher: International Monetary Fund
Release Date : 2021-03-15
Rising Corporate Market Power written by Ufuk Akcigit and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-15 with Business & Economics categories.
Corporate market power has risen in recent decades, and new estimates in this note suggest that the likely wave of small and medium-sized enterprise bankruptcies from the ongoing pandemic will further strengthen market concentration. Whether and how policymakers should address this issue is hotly debated. This note provides new evidence on the policy relevance of rising market power and highlights possible implications for the design of competition policy frameworks and macroeconomic policies.
The Oxford Handbook Of Productivity Analysis
DOWNLOAD
Author : Emili Grifell-Tatjé
language : en
Publisher: Oxford University Press
Release Date : 2018-08-07
The Oxford Handbook Of Productivity Analysis written by Emili Grifell-Tatjé and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-07 with Business & Economics categories.
Productivity underpins business success and national well-being and thus it is crucial to understand the factors that influence productivity growth. This volume provides a comprehensive exploration into the significance of productivity growth for business, the economy, and for social economic progress. It examines how productivity is defined, measured and implemented. It also surveys the dispersion of productivity across time and place, focusing on the productivity dynamics that either leads to a reallocation of resources that reduces dispersion and increases aggregate productivity or, conversely, allows dispersion to persist behind barriers to productivity-enhancing reallocation. A third focus is an investigation of the drivers of, or impediments to, productivity growth, some of which are organizational in nature and under management control and others of which are institutional in nature and subject to public policy intervention. The Oxford Handbook of Productivity Analysis contains contributions of distinguished productivity experts from around the world who analyze a wide range of timely issues. These issues concern purely analytical topics surrounding the measurement of productivity in various situations, beginning with the ideal situation in which all inputs and all outputs, and their prices, are observed accurately. They also include service sectors such as education in which the services provided are hard to define, much less measure, and other sectors that generate undesirable environmental externalities that are difficult to price and complicate the very definition of productivity. The issues also involve business management topics ranging from the role of business models and benchmarking to the quality of management practices, the adoption of new technologies, and possible complementarities between the two. The relationship between productivity and business performance is also explored. At a more aggregate level the issues range from the impacts of market power, incentive regulation, international trade and global value chains on productivity, to the contribution of productivity to economic development and economic welfare.
The Economics And Implications Of Data
DOWNLOAD
Author : Mr.Yan Carriere-Swallow
language : en
Publisher: International Monetary Fund
Release Date : 2019-09-23
The Economics And Implications Of Data written by Mr.Yan Carriere-Swallow and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-23 with Computers categories.
This SPR Departmental Paper will provide policymakers with a framework for studying changes to national data policy frameworks.
When They Go Low We Go High Measuring Bank Market Power In A Low For Long Environment
DOWNLOAD
Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-27
When They Go Low We Go High Measuring Bank Market Power In A Low For Long Environment written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-27 with Business & Economics categories.
We examine trends in bank competition since the early 2000s. The Lerner index—arguably the most commonly used measure—shows evidence of a marked increase in market power in advanced economies, especially after the global financial crisis. But other frequently used indicators of banking sector competition seem much more muted. We show that the significant drop in policy rates that occurred in the aftermath of the crisis could explain the seeming disconnect. Adjusting the Lerner index for the impact of policy rates reveals that market power has been fairly constant in advanced economies—consistent with the other signals and similar to the pattern observed in emerging markets.
World Economic Outlook April 2019
DOWNLOAD
Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-04-09
World Economic Outlook April 2019 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-09 with Business & Economics categories.
After strong growth in 2017 and early 2018, global economic activity slowed notably in the second half of last year, reflecting a confluence of factors affecting major economies. China’s growth declined following a combination of needed regulatory tightening to rein in shadow banking and an increase in trade tensions with the United States. The euro area economy lost more momentum than expected as consumer and business confidence weakened and car production in Germany was disrupted by the introduction of new emission standards; investment dropped in Italy as sovereign spreads widened; and external demand, especially from emerging Asia, softened. Elsewhere, natural disasters hurt activity in Japan. Trade tensions increasingly took a toll on business confidence and, so, financial market sentiment worsened, with financial conditions tightening for vulnerable emerging markets in the spring of 2018 and then in advanced economies later in the year, weighing on global demand. Conditions have eased in 2019 as the US Federal Reserve signaled a more accommodative monetary policy stance and markets became more optimistic about a US–China trade deal, but they remain slightly more restrictive than in the fall.
The Great Reversal
DOWNLOAD
Author : Thomas Philippon
language : en
Publisher: Belknap Press
Release Date : 2019
The Great Reversal written by Thomas Philippon and has been published by Belknap Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Business & Economics categories.
American markets, once a model for the world, are giving up on competition. Thomas Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by investing and innovating, powerful firms use political pressure to secure their advantages. The result is less efficient markets, leading to higher prices and lower wages.