The Dynamic Effects of Antitrust Policy on Growth and Welfare

被引：7

作者：

Cavenaile, Laurent ^{[1
,2
]}

Celik, Murat Alp ^{[3
]}

Tian, Xu ^{[4
]}

机构：

[1] Univ Toronto Scarborough, Dept Management, Scarborough, ON, Canada

[2] Univ Toronto, Rotman Sch Management, Toronto, ON, Canada

[3] Univ Toronto, Dept Econ, Toronto, ON, Canada

[4] Univ Georgia, Terry Coll Business, Dept Finance, Athens, GA 30602 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2021年 / 121卷

关键词：

Antitrust policy; Mergers and acquisitions; Innovation; Growth; Social welfare; HORIZONTAL MERGERS; COMPETITION POLICY; CONSOLIDATION; INNOVATION; INDUSTRIES; ECONOMIES; MODEL;

D O I：

10.1016/j.jmoneco.2021.04.011

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

To study the dynamic effects of antitrust policy on growth and welfare, we develop and estimate the first general equilibrium model with Schumpeterian innovation, oligopolistic product market competition, and endogenous M&A decisions. The estimated model reveals that: (1) Existing policies generate gains in growth and welfare. (2) Strengthening antitrust enforcement could deliver substantially higher gains. (3) The dynamic long-run effects of antitrust policy on social welfare are an order of magnitude larger than the static gains from higher allocative efficiency in production. (4) Current HHI-based antitrust rules leave the majority of anticompetitive acquisitions undetected, highlighting the need for alternative guidelines. (c) 2021 Elsevier B.V. All rights reserved.

引用

页码：42 / 59

页数：18

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