Benefits and spillovers of greater competition in Europe : A macroeconomic assessment

  title={Benefits and spillovers of greater competition in Europe : A macroeconomic assessment},
  author={Tamim Bayoumi and Douglas Laxton and Paolo A. Pesenti},
We estimate the macroeconomic benefits and international spillovers of an increase in competition using a general-equilibrium simulation model with nominal rigidities and monopolistic competition in product and labor markets. We draw three conclusions after calibrating the model to the euro area against the rest of the industrial world. First, greater competition produces large effects on macroeconomic performance, as measured by standard indicators. In particular, we show that differences in… CONTINUE READING
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