Product Market Competition, Monetary Policy Regimes and Inflation Dynamics: Evidence from a Panel of OECD Countries
实证分析产品市场竞争如何影响通胀对宏观经济失衡的反应，发现竞争加剧降低了通胀对滞后通胀、失业和进口价格的敏感度，但提高了对生产率增长的响应，且结构性改革比货币政策框架更能平滑通胀冲击。
Abstract We empirically analyze the impact of product market competition on the responsiveness of inflation to macroeconomic imbalances. If competition is high the response of inflation to lagged inflation, unemployment and import prices is reduced, while inflation is more responsive to changes in productivity growth in countries in which competition is above the OECD average. Given the (‘good luck’) macroeconomic trajectories of the 1990s–2000s, the structural reforms that made goods markets more competitive improved the ability of OECD economies to smooth (dis)inflationary shocks, while changes in the monetary policy framework had a modest role in taming inflation during the Great Moderation.