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Improving competition in the non-tradable goods and labour markets: the Portuguese case

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Author Info
Mourinho Félix, Ricardo
Almeida, Vanda
Castro, Gabriela

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Abstract

This study assesses the macroeconomic impacts of increasing competition in the non-tradable goods and labour markets in Portugal. We lean on evidence that the maintenance of low competition in these markets may have contributed to the recent poor performance of the Portuguese economy. The analysis is performed using PESSOA, a dynamic general equilibrium model for a small-open economy integrated in a monetary union, featuring Blanchard-Yaari households, a multi-sectoral production structure and a number of nominal and real rigidities. We conclude that measures aimed at increasing competition in the Portuguese non-tradable goods and labour markets could induce important international competitiveness gains and be valuable instruments in promoting necessary adjustments within the monetary union framework. However, in the short run, real interest rates are likely to increase temporarily, driving consumption and output temporarily downwards.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13945.

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Date of creation: 25 Sep 2008
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Handle: RePEc:pra:mprapa:13945

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Related research
Keywords: competition; competitiveness; DSGE; small-open economy; Portugal;

Find related papers by JEL classification:
F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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References listed on IDEAS
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    Other versions:
  3. Kilponen, Juha & Ripatti , Antti, 2006. "Labour and product market competition in a small open economy, Simulation results using a DGE model of the Finnish economy," Research Discussion Papers 5/2006, Bank of Finland. [Downloadable!]
  4. Kilponen , Juha & Kinnunen , Helvi & Ripatti , Antti, 2006. "Population ageing in a small open economy – some policy experiments with a tractable general equilibrium model," Research Discussion Papers 28/2006, Bank of Finland. [Downloadable!]
  5. Juillard, Michel & Laxton, Douglas & McAdam, Peter & Pioro, Hope, 1998. "An algorithm competition: First-order iterations versus Newton-based techniques," Journal of Economic Dynamics and Control, Elsevier, vol. 22(8-9), pages 1291-1318, August. [Downloadable!] (restricted)
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    Other versions:
  7. Tommaso Proietti & Alberto Musso, 2007. "Growth accounting for the Euro area - a structural approach," Working Paper Series 804, European Central Bank. [Downloadable!]
  8. Erceg, Christopher J. & Henderson, Dale W. & Levin, Andrew T., 2000. "Optimal monetary policy with staggered wage and price contracts," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 281-313, October. [Downloadable!] (restricted)
    Other versions:
  9. Günter Coenen & Peter McAdam & Roland Straub, 2007. "Tax reform and labour-market performance in the euro area - a simulation-based analysis using the New Area-Wide Model," Working Paper Series 747, European Central Bank. [Downloadable!]
    Other versions:
  10. Jens Høj & Miguel Jimenez & Maria Maher & Giuseppe Nicoletti & Michael Wise, 2007. "Product Market Competition in the OECD Countries: Taking Stock and Moving Forward," OECD Economics Department Working Papers 575, OECD, Economics Department. [Downloadable!]
  11. Kim, Jinill, 2000. "Constructing and estimating a realistic optimizing model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 45(2), pages 329-359, April. [Downloadable!] (restricted)
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