| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25609 |
| 来源ID | Working Paper 25609 |
| Entry Costs and the Macroeconomy | |
| Germán Gutiérrez; Callum Jones; Thomas Philippon | |
| 发表日期 | 2019-03-04 |
| 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 data. 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 | Microeconomics ; Market Structure and Distribution ; Macroeconomics ; Consumption and Investment ; Business Cycles ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w25609 |
| 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/583283 |
| 推荐引用方式 GB/T 7714 | Germán Gutiérrez,Callum Jones,Thomas Philippon. Entry Costs and the Macroeconomy. 2019. |
| 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 | ||
| w25609.pdf（1462KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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