8th Annual Conference of CompNet, jointly organized with IMF, EIB, ENRI and IWH, March 18-19 2019, European Investment Bank, Luxembourg
The 8th annual conference of the Competitiveness Research Network (CompNet) was jointly organized with the IMF, the EIB, ENRI and the IWH and took place at the European Investment Bank (EIB) in Luxembourg.
The objective of the conference was to bring together policymakers and academic researchers for a sound discussion on the role of micro-data in the analysis of the determinants of the development of market power. The presented research has shown that micro-aggregated and firm-level data is fundamental in understanding the drivers of the discussed phenomena.
The work presented during five sessions faced the main topic of the conference from a broad range of perspectives, providing an excellent and heterogeneous group of works in the field. The works were focused on subjects such as financial constraints and investment, market power in both product and labor markets, globalization and the decline in competition across the world, providing both cross-country and single-country evidence.
For more details, please check the conference program. Following are the presentations and the materials discussed during the conference.
Session 1: Financial Constraints and Investment
Markups and Productivity under Heterogeneous Financial Frictions
Carlo Altomonte*, Bocconi University, Baffi‐Carefin Centre; Domenico Favoino, Erasmus School of Economics, Tinbergen Institute; Tommaso Sonno, University of Bologna, Baffi‐Carefin Centre, CEP
Born in Hard Times: Startups and Intangible Capital during the Financial Crisis
Guzman Gonzalez‐Torres, Bank of Italy; Francesco Manaresi*, Bank of Italy; Filippo Scoccianti, Bank of Italy
Academic panel - Şebnem Kalemli‐Özcan, University of Maryland
Session 2: Cross - Country
Corporate Economic Profits in the Euro Area and the United States: Market Power or Competitive Advantage?
Vicente Salas, Universidad de Zaragoza; Lucio San Juan*, Banco de España; Javier Vallés*, Banco de España
Global Declining Competition
Federico J. Diez*, IMF; Jiayue Fan, IMF; Carolina Villegas‐Sanchez, ESADE Business School, Universidad Ramon Llull
Key‐note speech – Peter Praet, ECB
Policy Panel - Chair: Pedro De Lima,EIB
Debora Revoltella, EIB, ENRI, CompNet; Sergei Guriev, EBRD; Romain Duval, IMF; Filippo diMauro, CompNet; Mary Veronica Tovsak‐Pleterski, European Commission
Session 3: One - Country Evidence
Globalization and the Fall of Markups
Jakub Muck*, Narodowy Bank Polski; Michal Gradzewicz, Narodowy Bank Polski
Markup and Price Dynamics: Linking Micro to Macro
Jan De Loecker*, KU Leuven; Catherine Fuss, NBB; Johannes Van Biesebroeck, KU Leuven
Market Power in Input Markets: Theory and Evidence from French Manufacturing
Monica Morlacco*, University of Southern California
Session 4: Macro and Methodological Issues
Misallocation or Mismeasurement?
Cian Ruane*, Stanford University; Mark Bils, University of Rochester and NBER; Pete Klenow,Stanford University and NBER
Industry Concentration in Europe and North America
Giuseppe Berlingieri, OECD; Sara Calligaris, OECD; Chiara Criscuolo*, OECD; Jonathan Timmis, OECD
Keynote Address - Werner Hoyer, President, EIB
Session 5: Product and Labor Market Power
Micro‐Mechanisms Behind Declining Labor Shares: Market Power, Production Processes and Global Competition
Matthias Mertens*, IWH and CompNet
What is the Impact of Increased Business Competition?
Chiara Maggi*, Northwestern University; Sonia Felix, Banco de Portugal, Nova SBE