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| Author: | Beccarello, M. |
| Title: | Time series analysis of market power: evidence from G-7 manufacturing |
| Journal: | International Journal of Industrial Organization
1997 : FEB, VOL. 15:1, p. 123-136 |
| Index terms: | INTERNATIONAL ORGANIZATIONS TIME SERIES MARKETING |
| Language: | eng |
| Abstract: | This paper estimates the mark-up of price over marginal cost in manufacturing for the seven major OECD countries. Applying Hall's approach to market-power measurement the author has estimated the cyclical behavior of the mark-up. A substantial degree of market power has been estimated in all countries examined and procyclical movements in the mark-up. Competition seems to affect the level of mark-up negatively. At the core of many new-Keynesian models is the assumption that markets are imperfect, i. e. prices exceed marginal cost. |
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