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Has Greater Competition Restrained U.S. Inflation?

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Author Info
John V. Duca
David D. VanHoose

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Abstract

This paper shows how increased goods market competition affects the behavior of inflation in a multisector economy. By raising the price elasticity of demand, increased goods market competition theoretically lowers inflation and makes the aggregate price level less sensitive to aggregate demand shocks. We find that proxies for the aggregate degree of goods market competition are statistically and economically significant in short-run Phillips curve models of core inflation. Evidence indicates that heightened goods market competition has flattened the slope of the short-run, expectations-augmented Phillips curve and slightly lowered the nonaccelerating inflation rate of unemployment (NAIRU).

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Publisher Info
Article provided by Southern Economic Association in its journal Southern Economic Journal.

Volume (Year): 66 (2000)
Issue (Month): 3 (January)
Pages: 729=741
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Handle: RePEc:sej:ancoec:v:66:3:y:2000:p:729-741

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  1. John V. Duca & David D. VanHoose, 1998. "The rise of goods-market competition and the fall of nominal wage contracting: endogenous wage contracting in a multisector economy," Working Papers 98-05, Federal Reserve Bank of Dallas. [Downloadable!]
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  2. John V. Duca & David D. VanHoose, 1997. "Goods-market competition and profit sharing: a multisector macro approach," Working Papers 97-09, Federal Reserve Bank of Dallas. [Downloadable!]
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  3. Joseph Daniels & David VanHoose, 2009. "Trade Openness, Capital Mobility, and the Sacrifice Ratio," Open Economies Review, Springer, vol. 20(4), pages 473-487, September. [Downloadable!] (restricted)
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  4. Joseph P. Daniels & Farrokh Nourzad & David D. VanHoose, 2005. "Openness, Centralized Wage Bargaining, and Inflation," Working Papers and Research 0505, Marquette University, Department of Economics. [Downloadable!]
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  5. Nikola Bokan & Andrew Hughes Hallett, 2007. "The Impact of Tax, Product and Labour Market Distortions on the Phillips Curve and the Natural Rate of Unemployment," Kiel Working Papers 1336, Kiel Institute for the World Economy. [Downloadable!]
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  6. Jenny Lye & Ian McDonald, 2008. "The Eisner Puzzle, the Unemployment Threshold and the Range of Equilibria," International Advances in Economic Research, Springer, vol. 14(2), pages 125-141, May. [Downloadable!] (restricted)
  7. Hashmat Khan, . "Price-setting behaviour, competition, and mark-up shocks in the New Keynesian model," Bank of England working papers 240, Bank of England. [Downloadable!]
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