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Pro-competitive policies and the convergence of markups

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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 endogenous market structure, rent sharing and interactions between product and labour markets are key ingredients for assessing the impacts of increased competition.

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File URL: ftp://mse.univ-paris1.fr/pub/mse/cahiers2005/Bla05019.pdf
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Bibliographic Info

Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Cahiers de la Maison des Sciences Economiques with number bla05019.

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Length: 31 pages
Date of creation: Jan 2005
Date of revision:
Handle: RePEc:mse:wpsorb:bla05019

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Keywords: Markup; pro-competitive effect; wage bargaining; labour share.;

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  1. Olivier Blanchard & Francesco Giavazzi, 2001. "Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets," NBER Working Papers 8120, National Bureau of Economic Research, Inc.
  2. Bils, Mark, 1987. "The Cyclical Behavior of Marginal Cost and Price," American Economic Review, American Economic Association, vol. 77(5), pages 838-55, December.
  3. Borjas, George J & Ramey, Valerie A, 1995. "Foreign Competition, Market Power, and Wage Inequality," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1075-1110, November.
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Cited by:
  1. Hervé Boulhol, 2004. "Capital quasi-fixity and the estimation of markups," Cahiers de la Maison des Sciences Economiques bla05005, Université Panthéon-Sorbonne (Paris 1).

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