Time series analysis of market power: Evidence from G-7 manufacturing

Beccarello, Massimo

doi:10.1016/0167-7187(95)00492-0

Cited by 27 publications

(14 citation statements)

References 7 publications

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“…This result by itself would imply that the extent of foreign competition is important in reducing markups. The finding of pro-cyclical markups and a negative relationship between openness and markups is also found by Beccarello (1996) for Canada, France, Germany, Italy, Japan and the UK.…”

Section: The Modelmentioning

confidence: 55%

“…As in (6), returns to scale are assumed to be time-invariant for each industry in (7)(the same assumption is made by Haskel et al, 1995;and Beccarello, 1996). This is equivalent to assuming a cost function that is homogeneous in output (see Bloch and Olive, 2001).…”

Section: The Modelmentioning

confidence: 99%

“…However, there is no consensus on the direction of the cyclical influences on markup. Pro-cyclical markups are found by Domowitz et al (1988) for US industries, Haskel et al (1995) for UK manufacturing industries, Beccarello (1996) for G-7 country manufacturing industries and Bloch and Madsen (2001) for Australian industries. Counter-cyclical markups are found by Oliviera Martins et al (1996) for 14 OECD countries and by Linnemann (1999) for German manufacturing industry.…”

Section: Introductionmentioning

confidence: 99%

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Markup, Returns to Scale, the Business Cycle and Openness: Evidence From Australian Manufacturing

Olive

2004

J of App Econs and Policy

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A Hall type model that includes intermediate materials in the production function and allows for non-stochastic time variation in the contribution of technical change to output growth is used to estimate markup and returns to scale for eight Australian manufacturing industries at approximately the two-digit level, during the period 1971-72 to 1984-85. Six of the eight manufacturing industries indicate markups that are greater than one, implying the widespread existence of market power in Australian manufacturing. Constant returns to scale are not rejected for any individual industry or jointly. Markups are generally found to be pro-cyclical, although there is some evidence to suggest that this relationship is not as strong in industries that are open to the international economy.JEL classification: F1; L1; L6

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Section: The Modelmentioning

confidence: 55%

Section: The Modelmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Markup, Returns to Scale, the Business Cycle and Openness: Evidence From Australian Manufacturing

Olive

2004

J of App Econs and Policy

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“…Evidence of pro‐cyclical mark‐ups is found by Haskel et al . (1995) for the UK and Beccarello (1997) for G7 countries, while Oliviera Martins et al . (1996) find evidence of counter‐cyclical margins in 14 OECD countries.…”

Section: Modelling Commodity Prices Wages and Inflationmentioning

confidence: 99%

Growth, Commodity Prices, Inflation and the Distribution of Income

et al. 2007

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A primary commodity price boom is underway. Given the role of internationally traded primary commodities as inputs into the productive process in the industrialized world, an important question arises: namely what effects will this price-boom exert upon wage and price inflation in industrialized countries? In order to address this question, we specify and estimate a system of equations in which the key dependent variables are world commodity prices, the domestic inflation rate for finished goods and the rate of domestic industrial wage inflation. This model is estimated against data for each of three major industrialized countries: Japan, the UK and the USA and the implications of the results thus obtained are explored.

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“…Rotemberg and Woodford () and Chevalier and Scharfstein () find that the mark‐up is counter‐cyclical in the US. In contrast, Beccarello () finds a pro‐cyclical movement of mark‐ups in major OECD countries, except in the US. Machin and Van Reenen () also find that profit margins in the UK are clearly affected by the business cycle.…”

Section: Datamentioning

confidence: 93%

Rent‐Sharing and Workers' Bargaining Power: An Empirical Cross‐Country/ Cross‐Industry Panel Analysis

Askenazy

Cette

Maarek

2018

Scandinavian J Economics

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In this paper, we study how rents are shared between capital and labour, using industry‐level panel data for 19 OECD countries from 1988 through to 2007. The first step is an explanation of the rent‐creation process. We provide evidence of a significant impact of regulation on value‐added prices at the industry level relative to the value‐added price for the overall economy (rent). In the second step, we dissect the value‐added sharing process. By running ordinary least‐squares and instrumental variables estimations, we obtain results that confirm the Blanchard–Giavazzi prediction: the impact of rents on the capital share depends on workers' bargaining power.

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Time series analysis of market power: Evidence from G-7 manufacturing

Cited by 27 publications

References 7 publications

Markup, Returns to Scale, the Business Cycle and Openness: Evidence From Australian Manufacturing

Markup, Returns to Scale, the Business Cycle and Openness: Evidence From Australian Manufacturing

Growth, Commodity Prices, Inflation and the Distribution of Income

Rent‐Sharing and Workers' Bargaining Power: An Empirical Cross‐Country/ Cross‐Industry Panel Analysis

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