Does Competition Enhancement Have Permanent Inflation Effects?

Paul A.D. Cavelaars

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Monetary Policy and Economic Impact Merger and Competition Analysis German Economic Analysis & Policies

Abstract

This paper presents evidence that a higher degree of product market competition leads to a permanently lower inflation rate. Among a broad set of possible candidate variables, the indicator for product market competition used in this paper (the markup) is superior in explaining inflation differentials across twenty-one OECD countries and also across the subset of EU member states. This confirms the results by Neiss (2001). Using an index for regulation of competition, it is confirmed that the markup is indeed a good proxy for product market competition.

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1983A Positive Theory of Monetary Policy in a Natural Rate Model

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2005Product Market Regulation And Macroeconomic Performance : A Review Of Cross-Country Evidence 2010Persistência inflacionária e curva de Phillips novo-keynesiana para o Brasil

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