| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19217 |
| 来源ID | Working Paper 19217 |
| Entry, Exit, Firm Dynamics, and Aggregate Fluctuations | |
| Gian Luca Clementi; Berardino Palazzo | |
| 发表日期 | 2013-07-11 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Do firm entry and exit play a major role in shaping aggregate dynamics? Our answer is yes. Entry and exit propagate the effects of aggregate shocks. In turn, this results in greater persistence and unconditional variation of aggregate time-series. These are features of the equilibrium allocation in Hopenhayn (1992)'s model of equilibrium industry dynamics, amended to allow for investment in physical capital and aggregate fluctuations. In the aftermath of a positive productivity shock, the number of entrants increases. The new firms are smaller and less productive than the incumbents, as in the data. As the common productivity component reverts to its unconditional mean, the new entrants that survive become more productive over time, keeping aggregate efficiency higher than in a scenario without entry or exit. |
| 主题 | Microeconomics ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Business Cycles ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w19217 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576890 |
| 推荐引用方式 GB/T 7714 | Gian Luca Clementi,Berardino Palazzo. Entry, Exit, Firm Dynamics, and Aggregate Fluctuations. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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