Older and slower: The startup deficit's lasting effects on aggregate productivity growth

• 成果类型: Article; Proceedings Paper
• 署名作者: Alon, Titan; Berger, David; Dent, Robert; Pugsley, Benjamin
• 署名单位: Northwestern University; National Bureau of Economic Research; University of Notre Dame
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2017.10.004
• 发表日期: 2018
• 页码: 68-85
• 关键词: Entry rate; Firm age; productivity growth; Business dynamism

摘要

Declining firm entry and the aging incumbent firms have meaningful implications for sluggish U.S. aggregate productivity growth. We provide a framework to characterize the contributions to industry productivity growth across the firm age distribution then apply it to firm-level Census data. Several findings emerge: the relationship between firm age and productivity growth is downward sloping and convex; the magnitudes are substantial but fade quickly; selection and reallocation predominantly drive higher productivity growth of young firms. Our results suggest a cumulative drag on aggregate productivity of 3.1% since 1980 and are expanded upon with an IV strategy and standard model of firm dynamics. (C) 2017 Elsevier B.V. All rights reserved.