| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25382 |
| 来源ID | Working Paper 25382 |
| From Population Growth to Firm Demographics: Implications for Concentration, Entrepreneurship and the Labor Share | |
| Hugo Hopenhayn; Julian Neira; Rish Singhania | |
| 发表日期 | 2018-12-24 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | The US economy has undergone a number of puzzling changes in recent decades. Large firms now account for a greater share of economic activity, new firms are being created at a slower rate, and workers are getting paid a smaller share of GDP. This paper shows that changes in population growth provide a unified quantitative explanation for these long-term changes. The mechanism goes through firm entry rates. A decrease in population growth lowers firm entry rates, shifting the firm-age distribution towards older firms. Heterogeneity across firm age groups combined with an aging firm distribution replicates the observed trends. Micro data show that an aging firm distribution fully explains i) the concentration of employment in large firms, ii) and trends in average firm size and exit rates, key determinants of the firm entry rate. An aging firm distribution also explains the decline in labor’s share of GDP. In our model, older firms have lower labor shares because of lower overhead labor to employment ratios. Consistent with our mechanism, we find that the ratio of nonproduction workers to total employment has declined in the US. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Consumption and Investment ; Labor Economics ; Demography and Aging ; Industrial Organization ; Market Structure and Firm Performance ; Firm Behavior |
| URL | https://www.nber.org/papers/w25382 |
| 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/583056 |
| 推荐引用方式 GB/T 7714 | Hugo Hopenhayn,Julian Neira,Rish Singhania. From Population Growth to Firm Demographics: Implications for Concentration, Entrepreneurship and the Labor Share. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25382.pdf（466KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
