Discussion of 'The dynamic effects of antitrust policy on growth and welfare'

摘要

Cavenaile et al. (2021) study the long-run implications of anti-trust policy for innovation, output and welfare using a general equilibrium model. Their approach differs from the much of the existing literature that focuses on short-run, partial equilibrium effects. Their model combines three key elements: (i) endogenous growth with vertical innovations; (ii) oligopolistic competition in the product market; (iii) endogenous M&As. I will briefly discuss their paper and then compare it to Mermelstein et al. (2020) who also study optimal merger policy in a dynamic model. (C) 2021 Elsevier B.V. All rights reserved.