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Please use this identifier to cite or link to this item: http://hdl.handle.net/10400.5/2160

Title: Market power and fiscal policy in OECD countries
Authors: Afonso, António
Costa, Luís F.
Keywords: Fiscal Policy
Mark-up
VAR
Panel VAR
Issue Date: Apr-2010
Publisher: European Central Bank
Citation: Afonso, António, Luís F. Costa. 2010. "Market power and fiscal policy in OECD countries". European Central Bank working paper series nº 1173-2010
Series/Report no.: European Central Bank working paper series;nº 1173-2010
Abstract: We compute average mark-ups as a measure of market power throughout time and study their interaction with fiscal policy and macroeconomic variables in a VAR framework. From impulse-response functions the results, with annual data for a set of 14 OECD countries covering the period 1970-2007, show that the mark-up (i) depicts a pro-cyclical behaviour with productivity shocks and (ii) a mildly counter-cyclical behaviour with fiscal spending shocks. We also use a Panel Vector Auto-Regression analysis, increasing the efficiency in the estimations, which confirms the country-specific results.
URI: http://hdl.handle.net/10400.5/2160
ISSN: 1725-2806
Publisher version: http://www.ecb.int/pub/pdf/scpwps/ecbwp1173.pdf
Appears in Collections:DE - Documentos de trabalho / Working Papers

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