The model estimation follows the approach described in Giannone, D., M. Lenza, and G. Primiceri (2015), “Prior Selection for Vector Autoregressions”, Review of Economics and Statistics 97 (2): 436–51.
In those instances when the merging parties did serve the same local markets, the dynamic nature of competition and antitrust enforcement by the Federal Reserve and the Department of Justice has helped to limit increases in local-market concentration.