| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13548 |
| DP13548 Entry costs and the macroenconomy | |
| [unavailable] | |
| 发表日期 | 2019-02-25 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We propose a model to identify the causes of rising profits and concentration, and declining entry and investment in the US economy. Our approach combines a rich structural DSGE model with cross sectional identification from firm and industry date. Using asset prices, our model estimates the realized and anticipated shocks that drive the endogeneity of entry and concentration and recovers shocks to entry costs. We validate our approach by showing that the model implied entry shocks correlate with independently constructed measures of entry regulation and M&A activities. We conclude that entry costs have risen and that the ensuing decline in competition has depressed consumption by five to ten percent. |
| 主题 | Financial Economics |
| 关键词 | Corporate investment Competition Tobin's q Zero lower bound |
| URL | https://cepr.org/publications/dp13548 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542402 |
| 推荐引用方式 GB/T 7714 | [unavailable]. DP13548 Entry costs and the macroenconomy. 2019. |
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