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The fall and rise of market power in Europe

John P. Weche and Achim Wambach

No 18-003, ZEW Discussion Papers from ZEW - Leibniz Centre for European Economic Research

Abstract: This paper presents an analysis of the recent developments of average market power in Europe by using a broad firm-level database for EU member states. To indicate competitive pressure at the firm-level, markups are estimated following De Loecker (2011), and De Loecker and Warzynski (2012). The analysis reveals a sharp drop in markups during the crisis, followed by a post-crisis increase. The European average has not yet reached its pre-crisis level, which is in contrast to results for the US, where average markups have climbed to pre-crisis levels already in 2011. There is significant heterogeneity among European economies and the pre-crisis levels do have been exceeded in some countries.

Keywords: Market Power; Markups; Europe; Crisis (search for similar items in EconPapers)
JEL-codes: E2 D2 D4 L1 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Date: 2018
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