Modelling The Macroeconomic Impact Of Competition Policy

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Modelling the Macroeconomic Impact of Competition Policy

Author :
Publisher :
ISBN 13 : 9789268034590
Total Pages : 0 pages
Book Rating : 4.0/5 (345 download)

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Download or read book Modelling the Macroeconomic Impact of Competition Policy written by and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report models and analyses various aspects of the macroeconomic impact of competition policy interventions by the European Commission over the period 2012-2021. Based on information provided by the Directorate-General for Competition (DG COMP) on its merger interventions, cartel prohibitions and other antitrust interventions, the Joint Research Centre (JRC) has used two models to simulate the macroeconomic impact of such interventions: the QUEST III macro-model of the EU economy, which was developed by the Directorate-General for Economic and Financial Affairs (DG ECFIN) for assessing the impact of EU policies, and an EU-wide input-output model, which allows for an investigation of the sectoral differentiation and spill-over effects of competition policy interventions. The simulation carried out in QUEST III allows to evaluate the impact of competition policy enforcement on economy-wide measures of performance such as GDP, employment, prices and productivity. The impact includes the direct price effects of the Commission's competition policy interventions (as captured by the annual customer savings calculations) as well as the indirect, deterrent effects of these interventions. This report updates and improves the model simulation published in the previous edition (European Commission, 2022b) along several dimensions. First, it includes the straightforward update of results with the competition interventions by the Commission in 2021. Similar to 2020, the year 2021 is characterised by a relatively low number of interventions. Second, it includes improved data on the Commission's antitrust and cartel interventions for the period 2012-2021. Third, it includes a new approach to assess the deterrent effects of competition policy interventions based on models used to describe the diffusion of information (using the Bass model). The new simulation results suggest a 1.17 percentage point reduction in markups (as measured by the Lerner index) resulting from the Commission's competition policy interventions. This reduction in mark-ups, applied to a (calibrated) mark-up level of 13.56 percent in the steady-state of the QUEST III model, triggers an increase of real GDP relative to the baseline in the range of 0.6% - 1.1% in the medium to long term (the equivalent of an uplift of EUR 80 - 150 billion in 2019 GDP), as well as a 0.3% - 0.7% reduction in the price level. All the main components of aggregate demand increase. More specifically, after 5 years, the results suggest an increase in consumption (0.5%) and investment (1.1%) despite the decline in profits associated with the negative markup shock. Investment is increasing because the negative direct effect of markups on future profitability is more than offset by the positive effect of the increasing demand due to the lower prices.

Modelling the Macroeconomic Impact of Competition Policy

Author :
Publisher :
ISBN 13 : 9789276479772
Total Pages : pages
Book Rating : 4.4/5 (797 download)

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Book Synopsis Modelling the Macroeconomic Impact of Competition Policy by :

Download or read book Modelling the Macroeconomic Impact of Competition Policy written by and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides an update of the macro-model simulations of the impact of the competition policy interventions of the European Commission over the period 2012-2020. The novelties of this year's report include the transition from EU28 to EU27, the inclusion of preliminary data on antitrust enforcement for the period 2012-2020, and the regular update with data for the year 2020 on merger interventions and cartel prohibitions. The year 2020 saw a relatively small total number of interventions, but the 25 interventions included four merger interventions with affected markets of substantial size. Taken together, 2020 was an 'average' year in terms of the macroeconomic impact of the Commission's activities. The report presents the results of the macroeconomic impact of competition policy interventions by the European Commission using the QUEST III macro-model of the EU economy and an EU-wide input-output model. The simulations make use of the information provided by DG Competition on the European Commission's merger interventions and cartel prohibitions as well as preliminary data on antitrust interventions other than cartels. The simulations carried out in QUEST III illustrate that competition policy has a positive impact on GDP of 0.37% in the medium term. This impact includes the direct price effects (as captured by the customer savings calculations) as well as the indirect, deterrent effects of the Commission's competition policy interventions. The difference between the five-year GDP impact of 0.37% reported here and the 0.27% reported in last year's report can be explained by three factors: (1) the transition from the EU-28 to the EU-27 due to Brexit; (2) the impact of the Commission's antitrust interventions (in the report of the previous year, only merger interventions and cartel prohibitions were considered); and (3) the effect of the Commission's competition policy interventions of 2020. Similarly, the calculations carried out using the input-output framework suggest that, on average over the period 2012-2020, competition policy enforcement has reduced the EU's overall price level by 0.63 percentage points, including both within-sector and cross-sector spill-over effects. Industries with many important downstream links (i.e. those that sit higher up in supply chains) tend to produce stronger spill-over effects than industries with few downstream connections (i.e. those that sell a large share of their output to final users). Activities with large spill-overs include finance, insurance and business services, resource extraction, the energy sector, basic manufacturing, and certain components of the transport network. Finally, the report presents new developments in data analysis and modelling, including in particular: (i) the on-going research on the assessment of the evolution of mark-ups in the EU; (ii) improvements in the mathematical approach chosen to model deterrence; and (iii) the possible correlation between mark-up levels and Commission interventions at the sector level. On this last point, the report finds that the Commission's competition policy interventions (excepting cartel prohibitions) tend to focus on industries with high mark-ups and concentration ratios.

Modelling the Macroeconomic Impact of Competition Policy

Author :
Publisher :
ISBN 13 : 9789276286110
Total Pages : pages
Book Rating : 4.2/5 (861 download)

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Book Synopsis Modelling the Macroeconomic Impact of Competition Policy by :

Download or read book Modelling the Macroeconomic Impact of Competition Policy written by and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study conducts a number of model simulations aimed at assessing the macroeconomic impact of competition policy interventions by the European Commission over the period 2012- 2019. The study is a collaborative effort of the Commission's Joint Research Centre (JRC), the Directorate General for Competition (DG COMP) and the Directorate General for Economic and Financial Affairs (DG ECFIN). The study's assessment of the impact of competition policy interventions is useful both for competition advocacy and for defending the legitimacy of Commission's competition policy interventions. Advocacy and legitimacy arguments are more effective when supported by strong evidence and sound economic analysis.

The Making of Competition Policy

Author : Daniel A. Crane
Publisher : Oxford University Press
ISBN 13 : 0199311560
Total Pages : 510 pages
Book Rating : 4.1/5 (993 download)

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Book Synopsis The Making of Competition Policy by : Daniel A. Crane

Download or read book The Making of Competition Policy written by Daniel A. Crane and published by Oxford University Press. This book was released on 2013-01-30 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides edited selections of primary source material in the intellectual history of competition policy from Adam Smith to the present day. Chapters include classical theories of competition, the U.S. founding era, classicism and neoclassicism, progressivism, the New Deal, structuralism, the Chicago School, and post-Chicago theories. Although the focus is largely on Anglo-American sources, there is also a chapter on European Ordoliberalism, an influential school of thought in post-War Europe. Each chapter begins with a brief essay by one of the editors pulling together the important themes from the period under consideration.

The Analysis Of Competition Policy And Sectoral Regulation

Author : Martin Peitz
Publisher : World Scientific
ISBN 13 : 9814616370
Total Pages : 514 pages
Book Rating : 4.8/5 (146 download)

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Book Synopsis The Analysis Of Competition Policy And Sectoral Regulation by : Martin Peitz

Download or read book The Analysis Of Competition Policy And Sectoral Regulation written by Martin Peitz and published by World Scientific. This book was released on 2014-07-07 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains a selection of papers that were presented at the CRESSE Conferences held in Chania, Crete, from July 6th to 8th, 2012, and in Corfu from July 5th to 7th, 2013. The chapters address current policy issues in competition and regulation. The book contains contributions at the frontier of competition economics and regulation and provides perspectives on recent research findings in the field. Written by experts in their respective fields, the book brings together current thinking on market forces at play in imperfectly competitive industries, how firms use anti-competitive practices to their advantage and how competition policy and regulation can address market failures. It provides an in-depth analysis of various ongoing debates and offers fresh insights in terms of conceptual understanding, empirical findings and policy implications. The book contributes to our understanding of imperfectly competitive markets, anti-competitive practices and competition policy and regulation.

Macroeconomic Effects of EU Competition Policy

Author : Carlos Merino
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Macroeconomic Effects of EU Competition Policy by : Carlos Merino

Download or read book Macroeconomic Effects of EU Competition Policy written by Carlos Merino and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I estimate the macroeconomic impact of competition policy to deter collusion and merger control in the EU using a dynamic macroeconomic model as done by Dierx et al. I then estimate the impact of competition policy using another macroeconomic model that includes Central Bank quantitative easing policies [4]. When these are included the effects on GDP growth are higher.

Ex Post Economic Evaluation of Competition Policy

Author : Fabienne Ilzkovitz
Publisher : Kluwer Law International B.V.
ISBN 13 : 9403512822
Total Pages : 546 pages
Book Rating : 4.4/5 (35 download)

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Book Synopsis Ex Post Economic Evaluation of Competition Policy by : Fabienne Ilzkovitz

Download or read book Ex Post Economic Evaluation of Competition Policy written by Fabienne Ilzkovitz and published by Kluwer Law International B.V.. This book was released on 2020-05-18 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: Competition authorities are increasingly interested in understanding the impact of their activities on markets and consumers. The goal is to improve competition policy rules and decision-making practices and to get robust evidence on the benefits of competition and competition policy for society as a whole. Discussions with competition authorities, practitioners and academics have shown the need to take stock of the experience gained in this field by the European Commission and to present it in an easily accessible way. The studies collected in this volume – prepared by senior Commission officials and competition policy experts – range from the ex post evaluation of specific policy interventions to the assessment of the broader impact of competition policy. The issues and topics examined include the following: objectives and scope of evaluations by the European Commission; description of counterfactual evaluation techniques used; conditions for a successful ex post evaluation of a competition policy intervention; a wide selection of individual cases covering a variety of economic sectors; applications in merger control, antitrust and State aid; direct benefits of competition policy interventions for consumers; deterrent effects of such interventions on market participants; and macroeconomic outcomes in terms of job creation, productivity and GDP growth. This matchless book assembles within a single volume all that is needed for competition policy analysts and practitioners to undertake ex post economic evaluations. While its collection of state-of-the-art ex post evaluation studies has a clear value for competition authorities, it is sure to be welcomed as well by competition law practitioners in the private sector, who will greatly appreciate the effort made to cast a critical eye on decisions taken in the past. Moreover, it allows for addressing some of the new challenges facing competition policymakers. Fabienne Ilzkovitz is Principal Advisor responsible for the economic evaluation of competition policy within the Directorate-General for Competition of the European Commission, and since 2014, she has coordinated various ex post evaluation projects in the Directorate-General. She is also Associate Professor of Economics in the Solvay Brussels School of Economics and Management at the Université Libre de Bruxelles, Belgium. Adriaan Dierx is Senior Expert on ex post economic evaluation within the Directorate-General for Competition of the European Commission. He has managed a number of studies aimed at assessing the economic impact of the European Commission’s competition policy interventions.

What is the Impact of Increased Business Competition?

Author : Sónia Félix
Publisher : International Monetary Fund
ISBN 13 : 1513521519
Total Pages : 57 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis What is the Impact of Increased Business Competition? by : Sónia Félix

Download or read book What is the Impact of Increased Business Competition? written by Sónia Félix and published by International Monetary Fund. This book was released on 2019-12-13 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the macroeconomic effect and underlying firm-level transmission channels of a reduction in business entry costs. We provide novel evidence on the response of firms' entry, exit, and employment decisions. To do so, we use as a natural experiment a reform in Portugal that reduced entry time and costs. Using the staggered implementation of the policy across the Portuguese municipalities, we find that the reform increased local entry and employment by, respectively, 25% and 4.8% per year in its first four years of implementation. Moreover, around 60% of the increase in employment came from incumbent firms expanding their size, with most of the rise occurring among the most productive firms. Standard models of firm dynamics, which assume a constant elasticity of substitution, are inconsistent with the expansionary and heterogeneous response across incumbent firms. We show that in a model with heterogeneous firms and variable markups the most productive firms face a lower demand elasticity and expand their employment in response to increased entry.

Competition Policy

Author : Manfred Neumann
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 248 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Competition Policy by : Manfred Neumann

Download or read book Competition Policy written by Manfred Neumann and published by Edward Elgar Publishing. This book was released on 2001 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Neumann (economics, U. Erlangen-Nurnberg, Germany) examines the history of competition policy in the US and Europe to demonstrate how far a convergence of principles has developed. He then outlines the theory of industrial organization as a tool to devise an appropriate policy. Neumann also discusses the practice of competition policy in the US, individual European countries, and the EC as a whole, in terms of collusion, mergers, and vertical restraints. The final section places competition policy within the social framework, treating such issues as property rights, international trade policy, and social justice. Annotation copyrighted by Book News Inc., Portland, OR

Handbook of Antitrust Economics

Author : Paolo Buccirossi
Publisher :
ISBN 13 :
Total Pages : 716 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Handbook of Antitrust Economics by : Paolo Buccirossi

Download or read book Handbook of Antitrust Economics written by Paolo Buccirossi and published by . This book was released on 2008-03-21 with total page 716 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experts examine the application of economic theory to antitrust issues in both the United States and Europe, discussing mergers, agreements, abuses of dominance, and the impact of market features. Over the past twenty years, economic theory has begun to play a central role in antitrust matters. In earlier days, the application of antitrust rules was viewed almost entirely in formal terms; now it is widely accepted that the proper interpretation of these rules requires an understanding of how markets work and how firms can alter their efficient functioning. The Handbook of Antitrust Economics offers scholars, students, administrators, courts, companies, and lawyers the economist's view of the subject, describing the application of newly developed theoretical models and improved empirical methods to antitrust and competition law in both the United States and the European Union. (The book uses the U.S. term “antitrust law” and the European “competition law” interchangeably, emphasizing the commonalities between the two jurisdictions.) After a general discussion of the use of empirical methods in antitrust cases, the Handbook covers mergers, agreements, abuses of dominance (or unilateral conducts), and market features that affect the way firms compete. Chapters examine such topics as analyzing the competitive effects of both horizontal and vertical mergers, detecting and preventing cartels, theoretical and empirical analysis of vertical restraints, state aids, the relationship of competition law to the defense of intellectual property, and the application of antitrust law to “bidding markets,” network industries, and two-sided markets. Contributors Mark Armstrong, Jonathan B. Baker, Timothy F. Bresnahan, Paulo Buccirossi, Nicholas Economides, Hans W. Friederiszick, Luke M. Froeb, Richard J. Gilbert, Joseph E. Harrington, Jr., Paul Klemperer, Kai-Uwe Kuhn, Francine Lafontaine, Damien J. Neven, Patrick Rey, Michael H. Riordan, Jean-Charles Rochet, Lars-Hendrick Röller, Margaret Slade, Giancarlo Spagnolo, Jean Tirole, Thibaud Vergé, Vincent Verouden, John Vickers, Gregory J. Werden

The Oxford Handbook of Computational Economics and Finance

Author : Shu-Heng Chen
Publisher : Oxford University Press
ISBN 13 : 0190877502
Total Pages : 785 pages
Book Rating : 4.1/5 (98 download)

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Book Synopsis The Oxford Handbook of Computational Economics and Finance by : Shu-Heng Chen

Download or read book The Oxford Handbook of Computational Economics and Finance written by Shu-Heng Chen and published by Oxford University Press. This book was released on 2018-01-12 with total page 785 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of Computational Economics and Finance provides a survey of both the foundations of and recent advances in the frontiers of analysis and action. It is both historically and interdisciplinarily rich and also tightly connected to the rise of digital society. It begins with the conventional view of computational economics, including recent algorithmic development in computing rational expectations, volatility, and general equilibrium. It then moves from traditional computing in economics and finance to recent developments in natural computing, including applications of nature-inspired intelligence, genetic programming, swarm intelligence, and fuzzy logic. Also examined are recent developments of network and agent-based computing in economics. How these approaches are applied is examined in chapters on such subjects as trading robots and automated markets. The last part deals with the epistemology of simulation in its trinity form with the integration of simulation, computation, and dynamics. Distinctive is the focus on natural computationalism and the examination of the implications of intelligent machines for the future of computational economics and finance. Not merely individual robots, but whole integrated systems are extending their "immigration" to the world of Homo sapiens, or symbiogenesis.

Competition Policy for Small Market Economies

Author : Michal S. Gal
Publisher :
ISBN 13 :
Total Pages : 344 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Competition Policy for Small Market Economies by : Michal S. Gal

Download or read book Competition Policy for Small Market Economies written by Michal S. Gal and published by . This book was released on 2003-03-15 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the most part, competition policy literature has focused on large economies. Yet the economic paradigms on which such policies are based do not necessarily apply to small market economies. This book demonstrates that optimal competition policy is very much dependent on the size of an economy. Whether and how firms compete is a matter of the natural conditions of the markets in which firms operate. A critical feature of small economies is the concentrated nature of many of their markets, which are often protected by high entry barriers. Competition policy must be designed to deal effectively with these unique obstacles to competition. Accordingly, applying the same competition policy to all economies alike may be contrary to the policy's goals. Michal Gal's thorough analysis shows the effects of market size on competition policy, ranging from rules of thumb to more general policy prescriptions, such as goals and remedial tools. Competition policy in small economies is becoming increasingly important, since the number of small jurisdictions adopting such policy is rapidly growing. Gal's focus extends beyond domestic competition policy to the evaluation of the current trend toward the worldwide harmonization of policies. This book will provide important guidance to academics, policy makers, and practitioners of competition policy as well as to anyone interested in the globalization of competition laws.

Competition Policy and the Control of Buyer Power

Author : Peter C. Carstensen
Publisher : Edward Elgar Publishing
ISBN 13 : 178254058X
Total Pages : 265 pages
Book Rating : 4.7/5 (825 download)

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Book Synopsis Competition Policy and the Control of Buyer Power by : Peter C. Carstensen

Download or read book Competition Policy and the Control of Buyer Power written by Peter C. Carstensen and published by Edward Elgar Publishing. This book was released on 2017-09-29 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive overview of the economic and competition policy issues that buyer power creates. Drawing on economic analysis and cases from around the world, it explains why conventional seller side standards and analyses do not provide an adequate framework for responding to the problems that buyer power can create. Based on evidence that abuse of buyer power is a serious problem for the competitive process, the book evaluates the potential for competition law to deal directly with the problems of abuse either through conventional competition law or special rules aimed at abusive conduct. The author also examines controls over buying groups and mergers as potentially more useful responses to risks created by undue buyer power.

Competition Policies in Emerging Economies

Author : Claudia Schatan
Publisher : Springer Science & Business Media
ISBN 13 : 0387784330
Total Pages : 252 pages
Book Rating : 4.3/5 (877 download)

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Book Synopsis Competition Policies in Emerging Economies by : Claudia Schatan

Download or read book Competition Policies in Emerging Economies written by Claudia Schatan and published by Springer Science & Business Media. This book was released on 2008-07-11 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: As countries large and small, rich and poor are drawn inexorably into the global economy, protectionist policies are proving increasingly inefficient and ineffective for driving growth. The countries of Latin America, which have long pursued agendas of state ownership and heavy regulation of key industries, began to institute a series of reforms in the 1980s and 1990s, designed to promote competition and business creation. However, without the legal and institutional framework to support these policies (and thus guarantee resource-efficient behavior on the part of business owners), the record has been spotty at best. Competition Policies in Emerging Economies features in-depth analysis of two key industries—telecommunications and banking—in several Central American nations to shed light on the dynamics of the transition to deregulation and trade liberalization, and learn from the experiences of these economies. This book has a three-fold purpose: (1) to examine the competition conditions and policies of small developing countries of Central America (and hence cover an area where very little information exists); (2) develop an in-depth analysis of regulation and competition policies in two key industrial sectors with poor competition records (telecommunications and banking); (3) link the former results analysis with other international experiences, in order to derive research and policy recommendations that can be applied to other small, developing, and emerging economies. Featuring discussion of political, legal, economic, financial, cultural, and organization-level issues, the book provides unique perspectives on the forces resisting competitive practices and offers suggestions for overcoming them.

Competition Policy

Author : Massimo Motta
Publisher : Cambridge University Press
ISBN 13 : 9780521016919
Total Pages : 650 pages
Book Rating : 4.0/5 (169 download)

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Book Synopsis Competition Policy by : Massimo Motta

Download or read book Competition Policy written by Massimo Motta and published by Cambridge University Press. This book was released on 2004-01-12 with total page 650 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first book to provide a systematic treatment of the economics of antitrust (or competition policy) in a global context. It draws on the literature of industrial organisation and on original analyses to deal with such important issues as cartels, joint-ventures, mergers, vertical contracts, predatory pricing, exclusionary practices, and price discrimination, and to formulate policy implications on these issues. The interaction between theory and practice is one of the main features of the book, which contains frequent references to competition policy cases and a few fully developed case studies. The treatment is written to appeal to practitioners and students, to lawyers and economists. It is not only a textbook in economics for first year graduate or advanced undergraduate courses, but also a book for all those who wish to understand competition issues in a clear and rigorous way. Exercises and some solved problems are provided.

Competition Policy for Small Market Economies

Author : Michal Gal
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Competition Policy for Small Market Economies by : Michal Gal

Download or read book Competition Policy for Small Market Economies written by Michal Gal and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the most part, competition and antitrust policy literature have focused on large economies. Yet the economic models on which such policies are based do not necessarily apply to small market economies. The book demonstrates that optimal competition policy is very much dependent on the size of an economy. Because small market economies cannot support the same level of competition as large economies, the effect of applying the same competition policy to all economies is often a distorting one. In other cases, the special economic characteristics of small economies strengthen the case for applying policies which are focused on efficiency. Competition policy must therefore be equipped to deal effectively with the concentrated nature of most markets in small economies. The book analyzes the effects of market size on competition policy, ranging from rules of thumb to more general policy prescriptions, such as policy goals, trade-offs, and remedial tools. It uses many examples of known and contemporary cases to demonstrate its prescriptions. Its focus extends beyond domestic competition policy to the evaluation of the current trend toward the worldwide harmonization of competition policies.

Macroeconomic Modelling of R&D and Innovation Policies

Author : Ufuk Akcigit
Publisher : Palgrave Macmillan
ISBN 13 : 9783030714567
Total Pages : 211 pages
Book Rating : 4.7/5 (145 download)

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Book Synopsis Macroeconomic Modelling of R&D and Innovation Policies by : Ufuk Akcigit

Download or read book Macroeconomic Modelling of R&D and Innovation Policies written by Ufuk Akcigit and published by Palgrave Macmillan. This book was released on 2021-12-03 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book encompasses a collection of in-depth analyses showcasing the challenges and ways forward for macroeconomic modelling of R&D and innovation policies. Based upon the proceedings of the EC-DG JRC-IEA workshop held in Brussels in 2017, it presents cutting-edge contributions from a number of leading economists in the field. It provides a comprehensive overview of the current academic and policy challenges surrounding R&D as well as of the state-of-the-art modelling techniques. The book brings to the forefront outstanding issues related to the assessment of the macroeconomic impact of R&D policies and its modelling. It speaks to the rising importance of R&D and innovation policy, and the proliferation of macroeconomic models featuring endogenous technological change. The contents of this book will be of interest to both academic and policy audiences working in the fields of R&D and innovation.