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Journal Article
Antitrust policy and vertical mergers
Recently, federal regulators responsible for enforcing the antitrust laws have shown a renewed interest in the potential anticompetitive effects of vertical mergers--mergers between two independent firms in successive stages of production. This greater activism in vertical merger cases is in striking contrast to the permissive policies that prevailed throughout the 1980s, which, in turn, were a response to the Justice Department's and the Federal Trade Commission's open hostility to vertical mergers during the 1960s and 1970s.> The cyclical antitrust treatment of vertical mergers over the ...
Journal Article
Has antitrust policy in banking become obsolete?
The authors analyze the effect of bank mergers on deposit interest rates, using data on banks responding to the Federal Reserve's Monthly Survey of Selected Deposits over an 11-year period. Their results suggest that banks exercise market power in pricing money market deposits and CD's in their local markets.
Report
Sunk costs, contestability, and the latent contract market
The idea that an industry with sunk costs may be contestable even in the absence of long-term contracts has received little attention from formal economic theory yet is popular among monopolists facing antitrust suits. The paper formally illustrates the argument. In an infinitely repeated game, there exists a class of contestable outcomes in which the monopolist sells only on the spot market and charges low prices along the equilibrium path to prevent customers from resorting to long-term contracts. Then, the crucial test for contestability is the level of transaction costs in the latent ...
Journal Article
Antitrust and payment technologies
Journal Article
Antitrust and payment technologies: commentary
Journal Article
Divestiture: a prescription for healthy competition
Our anti-trust laws dictate that bank mergers be rejected if they will substantially lessen competition in their markets. Yet bigger bank mergers are approved every year. What's going on? One word: divestiture.
Journal Article
Antitrust issues and payment systems networks: introduction