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Pro-competitive policies and the convergence of markups

Author

Listed:
  • Hervé Boulhol

    (IXIS-CIB - Corporate Investment Bank, TEAM - Théories et Applications en Microéconomie et Macroéconomie - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper gives estimates of sectoral markup trends over the last three decades. It concludes with a slight increase of price-cost margins overall, contrary to the generally expected effect of increased competition. More strikingly, it establishes a clear pattern of markup convergence across countries and sectors. These movements explain a notable part of the decline in the labour share. Taking into account labour market imperfections, they suggest that the workers' bargaining power has deteriorated and stress that endogeneous market structure, rent sharing and interactions between product and labour markets are key ingredients for assessing the impacts of increased competition.

Suggested Citation

  • Hervé Boulhol, 2005. "Pro-competitive policies and the convergence of markups," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00193915, HAL.
    • Handle: RePEc:hal:cesptp:halshs-00193915
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00193915
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