Haldane: market power puzzle is important for policy
Micro and macro evidence “not easily reconciled”, says BoE chief economist
Changes in market power can significantly affect monetary policy, but the macro- and microeconomic evidence is “not easily reconciled”, Bank of England chief economist Andy Haldane said in a recent speech.
During remarks at the Jackson Hole conference on August 24, Haldane noted the microeconomic evidence that an increase in market power was allowing firms to set higher mark-ups. A more monopolistic market would tend to imply higher price variability – but the macroeconomic evidence clearly
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