Pricing and Product Market Structure in Open Economies: An Empirical Test

摘要: This paper investigates whether the structure of product markets in industrial economies conforms to assumptions two main benchmark models international macroeconomics, namely one-sector imperfect-substitutes model, and two-sector model with non-traded goods. Our proposed test rests on estimation price equations also allows degree sluggishness. findings, for 20 OECD economies, suggest that one sector is rejected favour a generalized types internationally traded They significant sluggishness adjustment prices.