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Nowcasting consumer price inflation using high-frequency scanner data: evidence from Germany

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Tuesday, April 23, 2024

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Monetary asmmetries without (and with) price stickiness

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Friday, April 19, 2024

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Isabel Schnabel: The future of inflation (forecast) targeting

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Thursday, April 18, 2024

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Stock market development and familiarity (language and distance) are considered key determinants for home bias.

Key Points:

Stock market development and familiarity (language and distance) are considered key determinants for home bias.
The literature neglects however that investors often invest in foreign funds domiciled in financial centers.

A new measure of firm-level competition: an application to euro area banks

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Thursday, April 18, 2024

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Abstract

Key Points:

Abstract
This paper extends Boone (2008) by introducing a competition measure at the individual
firm level rather than for an entire market segment.
We apply this extended Boone indicator to individual bank-level competition
in the loan market in the four largest euro area countries and Austria.
Our new measure of firm-level competition enriches and complements
other competition measures and provides a promising starting point for future market
power analyses.
The only measure among non-structural measures that is based on the
concept of competition as a process of rivalry is the Boone (2008) indicator.
We introduce
a new performance measure of competition by extending the Boone indicator to the
individual firm level.
Introduction
The ability to reliably measure competition is valuable to researchers, analysts, and
policymakers, especially antitrust authorities, financial supervisors, and central banks.
One broad
category of indicators often used to measure competition are structural competition
measures, such as static concentration measures, and dynamic measures, e.g., entry and
exit rates.
Out of these measures, the only measure based on the
concept of competition as a process of rivalry is the Boone indicator.
This study introduces a new performance measure of competition by extending the
Boone indicator to the individual firm level.
It thus measures the
increase in profits in percent of one percentage point increase in efficiency, with marginal
costs as measure of efficiency.
We extend the theoretical
underpinning of the measurement of competition for the entire market of Boone (2008) by
a new measure of individual firm-level competition.
A concern of the literature is the gap
between the practical application and the theoretical framework of Boone (2008).
We introduce within the same theoretical
framework a new measure of competition on firm level, the MRP.
Our new
measure significantly augments the antitrust evaluative framework by shedding light on
whether a merger results in a less competitive market.
Our novel indicator focuses on
firms? incentives to enhance their relative efficiency, as manifested in the elasticity
between relative profits and efficiency.
However, an inefficient firm that is foreclosed could be more
competitive than the larger efficient firm that relies on its scale economies.
Our new metric of competition unveils
banks? ability to influence their profitability in the short term by cutting costs relative to
their peers.
The new MRP indicator provides the ability to assess the impact
of individual banks? competitiveness on their interest rate-setting behaviour in loan
markets.
Incorporating this information promises a more refined understanding of the impact and
timing of monetary policy rates changes on the real economy.
Section 3 introduces within the Boone
(2008) theoretical framework our new measure of individual firm-level competition,
including the interpretation of the MRP.
Section 4 provides an application of our new
ECB Working Paper Series No 2925
6

individual firm-level competition measure to the loan market.
The StructureConduct-Performance paradigm (SCP) provides a traditional framework in the field of
industrial organization for analysing competition behaviour in markets.
Concentrated
markets ease the possibilities to collude implicitly or explicitly and therefore concentrated
markets result in higher prices and profits.
For example, a tougher competition
setup may lead to a reallocation of market shares, potentially forcing some firms to exit
the market.
This approach gives firms? strategic behaviour
central stage and focuses on the strategic interaction on prices and quantities, known as
conjectural variation.
Another measure from
this strand of literature is the H-statistic developed by Panzar and Rosse (1987).
The only competition measure from this performance literature where competition is the
outcome from a process of rivalry is the Boone indicator.
A continuous and monotonically increasing relationship exists between
RPD and the level of competition if firms are ranked by decreasing efficiency.
(2013) compare the Boone indicator with the price-cost margin
and conclude that the profit elasticity is a more reliable measure of competition.
The high
elasticity of profits to efficiency unequivocally indicates that the high market shares and
therefore high profits are due to high efficiency.
A firm that quickly passes changes to the input prices is seen as a price
taker with little market power.
Indicators of competition tend to measure different phenomenon and may provide
conflicting messages, as reported for European banking by Carbo et al.
Application 2: Test the ?quiet life? and related market structure hypotheses using the
MRP as competition or market structure measure.
Data
Our application to individual bank-level competition in the euro area loan market uses
balance sheet and income statement data from the Moody?s Analytics BankFocus for the
calendar years 2013-2020.
As such, most publications
on competition in the euro area includes the largest four member states.
Due to these restrictions the database was reduced to an unbalanced panel of up to 1862
banks (depending on the year) from five euro area countries.
Application 1: Measure bank competition using MRP
Looking at the distribution of the MRP for individual banks (Fig.
A similar finding for the four largest euro area countries as a group is
reported in Carbo et al.
Application 2: Test of market structure hypotheses using MRP
Our new measure of individual-bank competition can be used to test market structure
theories.
Euro area banks? market power,
lending channel and stability: the effects of negative policy rates, European Central Bank
Working Paper, 2790 (February).
A
new approach to measuring competition in the loan markets of the euro area, Applied
Economics, 43 (23), 3155?3167.
Impact of bank competition on the interest rate pass-through in the euro area, Applied
Economics, 45 (11), 1359?1380.

Don’t trust politicians? That may not be such a bad thing

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Wednesday, April 10, 2024

Dictator, Democracy, Government, Tax, Climate change, Disagreement, Trust, History, AI, Judgement, Eye, OECD, Democrat, Distrust

But if you’re one of the distrustful majority, that may not be such a bad thing.

Key Points:

But if you’re one of the distrustful majority, that may not be such a bad thing.
In a 2021 survey, just 24.5% of respondents across OECD, countries said they trust political parties.
National polls repeatedly show similar results, particularly in the wake of scandals involving politicians misbehaving.
Self-evidently, trustworthy leaders are preferable – but that doesn’t mean trusting them unconditionally once they’re in power.

Trust isn’t a ‘thing’

But there’s no optimal survey result, and no one should expect complete trust.
People talk metaphorically of “building” trust, but trust isn’t a “thing” that’s literally broken and rebuilt.
Political trust is about an underlying “deal” that keeps a society together and functioning.
People disagree about whom to trust, and judgment will partly depend on which politicians promote the policies people prefer.

Government is a work in progress

But leadership and government are themselves problems about which people have debated for millennia, with still no universally agreed solution in sight.
It’s worth noting, for example, that in China, most people tell pollsters that they trust their government.
There may be disagreements about how best to govern, but all states practice, by necessity, some form of government.

As there’s no handy administrative formula for political trust, such personal and political self-examination has to persist.
Telling surveyors that you don’t trust politicians is a gentle and valid form of political resistance.

Grant Duncan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

IBFD Publishes New Book: Mobility of Individuals and Workforces

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Tuesday, March 26, 2024

United, Attention, Automation, OECD, United Nations, Face, Creative industries

AMSTERDAM, March 26, 2024 (GLOBE NEWSWIRE) -- The International Bureau of Fiscal Documentation (IBFD) is pleased to announce the publication of its latest book, “Mobility of Individuals and Workforces”, which addresses a gap in international tax literature on individual mobility.

Key Points:

AMSTERDAM, March 26, 2024 (GLOBE NEWSWIRE) -- The International Bureau of Fiscal Documentation (IBFD) is pleased to announce the publication of its latest book, “Mobility of Individuals and Workforces”, which addresses a gap in international tax literature on individual mobility.
However, this book highlights the lack of attention paid to individual income taxation in the face of increasing individual mobility and evolving work patterns.
This timely publication explores the various factors driving individual mobility, including:
Increased wealth mobility: Individuals with significant wealth are increasingly seeking tax-favourable jurisdictions.
The publication reflects growing recognition by the United Nations and the OECD of the need to address these issues, making “Mobility of Individuals and Workforces” a crucial resource for policymakers, tax professionals and academics.

Penguin Random House Canada Introduces New Immersive Story Time App to Help Kids Tap Into the Magic of Reading

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Tuesday, April 9, 2024

Penguin Random House Canada is proud to announce the launch of the early access web app, Living Stories , which aims to transform every bedtime story into an immersive experience.

Key Points:

Penguin Random House Canada is proud to announce the launch of the early access web app, Living Stories , which aims to transform every bedtime story into an immersive experience.
View the full release here: https://www.businesswire.com/news/home/20240409901945/en/
Children are facing declines in their abilities in reading, according to recent reports.
“I’ve witnessed firsthand the startling drop in children’s capabilities in reading books and how parents felt powerless towards that issue.
Penguin Random House Canada embarked on this journey to help further engage children in reading and hope to make Living Stories a fully-integrated app.

Global Optical Satellite Industry Research 2024 Featuring Key manufacturers - Airbus, Israel Aerospace Industries, Thales Group, and Maxar Technologies - ResearchAndMarkets.com

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Monday, April 8, 2024

Optical satellites, a class of satellites utilized for Earth observation, employ visible and near-infrared light to capture images of the Earth's surface.

Key Points:

Optical satellites, a class of satellites utilized for Earth observation, employ visible and near-infrared light to capture images of the Earth's surface.
Optical satellites offer the capability to capture detailed images with high spatial resolution, enabling precise analysis and decision-making.
The increasing institutional space budget positively impacts the optical satellite market by fostering innovation, research, and development of advanced satellite technologies.
The key manufacturers in the global optical satellite market are:

More mergers to come under scrutiny in another leg of Chalmers’ competition policy

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Tuesday, April 9, 2024

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Treasurer Jim Chalmers has unveiled new rules governing company mergers that will bring more of them under scrutiny to ensure they don’t worsen competition.

Key Points:

Treasurer Jim Chalmers has unveiled new rules governing company mergers that will bring more of them under scrutiny to ensure they don’t worsen competition.
A mandatory notification system will be brought in and the Australian Competition and Consumer Commission will be the single decision-maker on all mergers.
At the moment, notifications are voluntary, with the ACCC having the right to object after they have gone ahead.
Mergers above a yet-to-be-determined threshold and mergers which could significantly change market concentration will have to be notified and approved before going ahead.

Fraser Institute News Release: Higher spending on K-12 education does not result in better student outcomes

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Thursday, March 21, 2024

Bangladesh Technical Education Board, Fraser Institute, K-12, Public policy, OECD, Tutoring

“Just spending more on K-12 education does not lead to better student outcomes,” said Derek J. Allison, Fraser Institute senior fellow and author of School Spending and Performance in Canada and Other High-Income Countries.

Key Points:

“Just spending more on K-12 education does not lead to better student outcomes,” said Derek J. Allison, Fraser Institute senior fellow and author of School Spending and Performance in Canada and Other High-Income Countries.
It finds that higher per-student spending levels are not associated with stronger academic achievement.
Conversely, British Columbia was the lowest spender per student in Canada and achieved the fourth-highest PISA scores.
“The evidence is clear—simply spending more on established K-12 schools without finding new and better ways to help kids learn will not improve student outcomes,” Allison said.