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Working Paper
Are there regimes of antitrust enforcement? An empirical analysis
In this paper, the authors propose a new index of antitrust enforcement. The index is compiled from quarterly data from the Department of Justice from 1890 to 1989 and is designed to reflect the relative influence of variables that have deterrent effects. The authors use Hamilton's (1989, 1990) regime-switching technique to estimate a model in which the enforcement index follows a regime-specific AR(1) process. The authors find evidence of long-lived regimes. The high enforcement regime, which lasted from about 1910 to the mid-1960s, produced enforcement that was, on average, almost twice as ...
Working Paper
Structural screens in stochastic markets
Working Paper
A note on antitrust in a stochastic market
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.
Conference Paper
Antitrust policy in banking: current status and future prospects
Conference Paper
Antitrust policy in banking: comments
Conference Paper
Bank merger activity: the antitrust perspective
Conference Paper
Consolidation in the banking industry: an antitrust perspective